Milesi-Ferretti, Gian M, Lane, Philip R., (2017), “International Financial Integration in the Aftermath of the Global Financial Crisis“, IMF, 10 May
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
- European Central Bank, (2017), “The use of the Eurosystem’s monetary policy instruments and operational framework since 2012”, ECB, May 2017
- Blinder, Alan, Ehrmann, Michael, de Haan, Jakob, Jansen, David-Jan, (2017), ” Necessity as the mother of invention: monetary policy after the crisis”, ECB Working Paper Series No 2047, April