Broner, FernandoDidier, TatianaSchmukler, Sergio L.Von Peter, Goetz2023-10-242023-10-242023Broner 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.2023.1037950022-1996http://hdl.handle.net/10230/58120Supplementary materials files: online appendix; replication file.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.application/pdfeng© 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/).info:eu-repo/semantics/articlehttp://dx.doi.org/10.1016/j.jinteco.2023.103795Bilateral dataEmerging economiesForeign direct investmentInternational bankingInternational capital flowsInternational financial integrationPortfolio investmentinfo:eu-repo/semantics/openAccess