Bilateral International Investments : The Big Sur?
Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment in debt...
| Main Authors: | , , , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/937691608148720263/Bilateral-International-Investments-The-Big-Sur http://hdl.handle.net/10986/34978 |
| Summary: | Using country-to-country data, this
paper documents a set of novel stylized facts about the rise
of the South in global finance. The paper assembles
comprehensive bilateral data on cross-border bank loans and
deposits, portfolio investment in debt and equity, foreign
direct investment, and international reserves. The main
finding is that global financial integration with and
especially within the South (countries outside the G7 and
Western Europe) has grown faster than within the North. By
2018, the South accounted for 24 to 40 percent of
international loans and deposits, portfolio investment, and
foreign direct investment, an increase of roughly 10
percentage points since 2001. The growing importance of the
South is reflected in the intensive and extensive margins,
with fast growth in the number of bilateral links. Although
China weighs heavily in these trends, international
investment in the rest of the South has increased to a
similar extent. |
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