Financial liberalization and patterns of international portfolio holdings

被引：0
|
作者：
Pedro de Araujo
Olena Mykhaylova
James Staveley-O’Carroll
机构：
[1] Colorado College,Department of Economics and Business
[2] University of Richmond,Department of Economics, Robins School of Business
[3] College of William and Mary,Economics Department
来源：
Empirical Economics | 2015年 / 49卷
关键词：
Financial liberalization; Portfolio holdings; Panel data analysis; E44; F21; F36;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
International financial markets during the past several decades have been characterized by a significant rise in gross international capital flows, increased prominence of nontraditional financial institutions, and globalization of the banking sector. We utilize a 155-country panel framework to present new evidence that financial liberalization is related to reallocation of financial capital around the world. More specifically, we find that deregulation is associated with greater stocks of cross-border financial assets, overall net international indebtedness, and a net portfolio characterized by equity assets and debt liabilities.
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页码：213 / 234
页数：21
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