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Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti
This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. It also reports some information on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.
International Monetary Fund. European Dept.

(BPM6) and in accordance with legal requirements of the ECB and Eurostat. Germany also participates in the IMF Coordinated Direct Investment Survey (CDIS), Coordinated Portfolio Investment Survey (CPIS), and the BIS Securities Statistics database. In addition, the Bundesbank reports quarterly gross external debt position data to the World Bank’s Quarterly External Debt Statistics (QEDS) database, and compiles and disseminates monthly reserve template and monthly official reserve data. Financial Soundness Indicators Germany is participating in the Coordinated

Yoko Shinagawa

bond yields, the benchmark 10 year bond yield data available from Bloomberg are used. The 42 sample countries shown in Appendix 1 are chosen on the basis of availability of the data through the CPIS, IIP, and Bank for International Settlements (BIS) securities statistics. 7 As pointed out in section II , to address the concern over potential bias, this paper calculates adjusted correlation coefficients. The adjusted correlation ρ t is calculated as in equation (1) . ρ t = ρ t c 1 + δ

Yoko Shinagawa
This paper defines financial market spillovers as the comovement between two countries’ financial markets and analyzes financial market spillovers over the period 2001-12 through four channels: bilateral portfolio investment, bilateral trade, home bias, and country concentration. The paper finds that, if a country has a large amount of bilateral portfolio exposure in another country, these two countries’ comovement of bond yields are large. Also, countries’ geographical preferences impact financial spillovers; if a country has a stronger home bias, the country could have less spillovers from foreign financial markets. A policy implication from this result is that, if countries become less home-biased and have a greater amount of portfolio investment assets, they should strengthen prudential regulations to mitigate against rising risks of financial spillovers (or risk greater volatility owing to comovement with foreign markets).
International Monetary Fund

GDP 4/ Chile 49.4 71.1 123.9 6.1 New Zealand 85.3 141.7 26.5 7.4 Peru 25.8 24.6 47.5 9.8 Uruguay 43.1 18.3 0.3 22.2 Source: countries’ authorities, Federacion Iberoamericana de Bolsas, New Zealand Exchange, BIS and IMF staff calculations. 1/ As of June 2010. 2/ As of July 2010 3/ International debt securities of all issuers (amortizations outstanding) from BIS Securities Statistics (Table 12A) as of June 2010. 4/ 2010 GDP taken from WEO forecasts. 28. A set of VARs

Mr. Santiago Acosta Ormaechea and Mr. David O Coble Fernandez

: countries’ authorities, Federación Iberoamericana de Bolsas, New Zealand Exchange, BIS and IMF staff calculations 1/ As of November 2010. 2/ As of December 2010. 3/ International debt securities of all issuers (amortizations outstanding) from BIS Securities Statistics (Table 12A) as of Dec. 2010 4/ 2010 GDP taken from WEO forecasts. To formally evaluate whether the development of domestic credit markets may affect the transmission of monetary policy, the paper undertakes a set of exercises considering again the benchmark VAR model

Mr. Faisal Ahmed, Mr. Shengzu Wang, Mrs. Isabelle Mateos y Lago, Samar Maziad, Stephanie Segal, Pascal Farahmand, and Mr. Udaibir S Das

(for details, see Appendix box and IMF, 2011d ). Of course, this measure only captures total financial stocks as one proxy for depth and needs to be augmented with additional information to shed light on possible use in global transactions—related to whether these claims are denominated in local or foreign currency and are freely traded, among others. Figure 11: Share of MSCI World Index, Domestic and International Debt Outstanding 1/ end-January of 2000 and 2010 Sources: MSCI, BIS - Securities statistics and syndicated loans. Offshore markets

Mr. Santiago Acosta Ormaechea

.5 74.3 154.2 6.3 New Zealand 82.2 142.8 29.3 7.4 Peru 32.3 24.5 67.4 10.2 Uruguay 44.8 20.9 0.4 21.9 Sources: Bank for International Settlements (BIS); country authorities; Federacion Iberoamericana de Bolsas; New Zealand Exchange; and authors’ calculations. 1 As of November 2010. 2 As of December 2010. 3 International debt securities of all issuers (amortizations outstanding) from BIS Securities Statistics (Table 12A) as of December 2010. 4 2010 GDP taken from IMF World Economic

Mr. Santiago Acosta Ormaechea and Mr. David O Coble Fernandez
The paper conducts a comparative study of the monetary policy transmission in two economies that run a well-established IT regime, Chile and New Zealand, vis-à-vis two economies operating under relatively newer IT regimes, and which are exposed to a significant degree of dollarization, Peru and Uruguay. It is shown that the traditional interest rate channel is effective in Chile and New Zealand. For Peru and Uruguay, the exchange rate channel is instead more relevant in the transmission of monetary policy. This latter result follows from the limited impact of the policy rate in curbing inflationary pressures in these two countries, in combination with the fact that they have a relatively large and persistent exchange rate pass through. Finally, it is shown that the on-going de-dollarization process of Peru and Uruguay has somewhat strengthened their monetary transmission through the interest rate channel.
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

issuance. For around 70 participating economies, the CPIS provides the level and geographical breakdown of portfolio investment holdings. A few of the countries in our sample (for example Bermuda) participate in the CPIS, and this allows us to use these data. For non-participating countries, we can use CPIS data to infer the level of portfolio liabilities of small financial centers, by adding up the claims on these centers that CPIS-participating countries report. BIS securities statistics report the total amount of international debt securities issued in various