Bilateral international investments: The big sur?

• 成果类型: Article
• 署名作者: Broner, Fernando; Didier, Tatiana; Schmukler, Sergio L.; von Peter, Goetz
• 署名单位: Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); The World Bank; Bank for International Settlements (BIS)
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2023.103795
• 发表日期: 2023
• 关键词: Bilateral data; emerging economies; Foreign direct investment; international banking; International capital flows; International financial integration; Portfolio investment

摘要

This paper presents novel stylized facts about the rise of the South in global finance using country-to-country data. To do so, the paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment, foreign direct investment, and international reserves from 2001 to 2018. The main findings are that investments involving the South, and especially within the South, have grown faster than those within the North. By 2018, South-to-South investments accounted for 8% of total international investments, while investments between the South and the North accounted for an additional 26%. The fastest growth occurred in portfolio investment and international reserves, whereas the slowest growth was in banking. These trends are not driven by China, any particular South region, or offshore financial centers. South-to-South investments grew the fastest even after controlling for regional GDP growth. The extensive margin played a significant role in the growth of investments within the South. (c) 2023 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).