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Author Milesi-Ferretti, Gian Maria, author

Title Bilateral financial linkages and global imbalances : a view on the eve of the financial crisis / prepared by Gian Maria Milesi-Ferretti, Francesco Strobbe, and Natalia Tamirisa
Published [Washington, D.C.] : International Monetary Fund, [2010]
Online access available from:
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Description 1 online resource (54 pages) : color illustrations
Series IMF working paper, 2227-8885 ; WP/10/257
IMF working paper ; WP/10/257
Contents Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1 Foreign Holdings of U.S. Securities, 2007; II. Bilateral Data on External Assets and Liabilities; A. Instrument breakdown; B. Other data issues; III. Stylized Facts: Aggregate Positions and Data Coverage; A. Aggregate positions; 2. Financial integration: sum of external assets and liabilities, ratio of group GDP; 3. Financial integration: share of world external assets and liabilities, 2007; 4. Global Imbalances; B. Bilateral data coverage; 5. Coverage of Bilateral Data
1. Countries and Regional Groups2. Data Sources and Adjustments; References; Footnotes
1. Euro Area Portfolio Liabilities: coverage gap by country (end-2007)IV. Net and gross External Positions; A. Net and Gross External Positions: the United States; 6. United States: net and gross external position; 7. United States: net and gross external position; B. Net and gross external positions: the euro area; 8. Euro Area: Net and Gross External Positions; 9. Euro Area net and gross external position; C. Net and gross positions: Japan; 10. Japan: net and gross external position; 11. Japan: Net and Gross External Positions; D. The external portfolios of emerging markets
12. Emerging Markets: External PortfolioE. The role of offshore and financial centers; 13. Offshore centers: net and gross external position; V. Impact of asset price shocks in partner countries; 14. Impact of Asset Price Shocks in partner countries; VI. Bilateral Financial Linkages: A comparison with consolidated banking data; 2. Banks' Locational Cross-border Claims versus Consolidated Foreign Claims; 3. The Geographical Distribution of Banks' Foreign Assets; 4. Liabilities to BIS-Reporting Banks: Locational vs. Consolidated Basis, end 2007; VII. Conclusions
Summary We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets
Bibliography Includes bibliographical references
Notes Print version record
Subject Financial crises.
International economic integration.
Form Electronic book
Author Strobbe, Francesco, author
Tamirisa, Natalia T., author
International Monetary Fund. Research Department, issuing body
ISBN 1283559021