Bilateral international investments: the big sur?

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• dc.contributor.author Broner, Fernando
• dc.contributor.author Didier, Tatiana
• dc.contributor.author Schmukler, Sergio L.
• dc.contributor.author Von Peter, Goetz
• dc.date.accessioned 2023-10-24T09:10:19Z
• dc.date.available 2023-10-24T09:10:19Z
• dc.date.issued 2023
• dc.description Supplementary materials files: online appendix; replication file.
• dc.description.abstract 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.
• dc.description.sponsorship We thank the financial support of the BIS, the World Bank Chile Research and Development Center, Knowledge for Change Program, and the Research Support Budget. Broner acknowledges financial support from the Spanish Ministry of Science and Innovation (PID2021-125741NB-I00/MCIN/AEI/10.13039/501100011033), the Spanish Agencia Estatal de Investigación through the Severo Ochoa Programme for Centers of Excellence in R&D (CEX2019–000915-S), and the Generalitat de Catalunya through the CERCA and SGR Programme (2021-SGR-01123).
• dc.format.mimetype application/pdf
• dc.identifier.citation Broner F, Didier T, Schmukler SL, Von Peter G. Bilateral international investments: the big sur? Journal of International Economics. 2023 Nov;145:103795. DOI: 10.1016/j.jinteco.2023.103795
• dc.identifier.doi http://dx.doi.org/10.1016/j.jinteco.2023.103795
• dc.identifier.issn 0022-1996
• dc.identifier.uri http://hdl.handle.net/10230/58120
• dc.language.iso eng
• dc.publisher Elsevier
• dc.relation.ispartof Journal of International Economics. 2023 Nov;145:103795
• dc.relation.isreferencedby http://dx.doi.org/10.17632/x7rkktc5sm.1
• dc.relation.projectID info:eu-repo/grantAgreement/ES/3PE/PID2021-125741NB-I00
• dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/CEX2019-000915-S
• dc.rights © 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/).
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Bilateral data
• dc.subject.keyword Emerging economies
• dc.subject.keyword Foreign direct investment
• dc.subject.keyword International banking
• dc.subject.keyword International capital flows
• dc.subject.keyword International financial integration
• dc.subject.keyword Portfolio investment
• dc.title Bilateral international investments: the big sur?
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion