Research on the geographical distribution of international portfolios has mainly focused on data aggregated to the country level. We exploit newly-available data that disaggregate the holders and issuers of international securities along sectoral lines. We find that patterns evident in the aggregate data do not uniformly apply across the various holding and issuing sectors, such that a full understanding of cross-border portfolio positions requires granular-level analysis.
|Journal||Journal of the Japanese and International Economies|
|Early online date||17 Aug 2016|
|Publication status||Published - 1 Dec 2016|