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Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

conducted by the Cayman Islands Monetary Authority found that their net asset value was over US$2.2 trillion at end-2007. 6 To the extent that the hedge fund shares are held by nonresidents, these would be portfolio equity liabilities of the Cayman Islands. The survey includes both feeder funds and funds of funds, in addition to master funds, and therefore some double-counting is likely. This notwithstanding, the total is almost 3 times the portfolio assets reported to be held in the Cayman Islands by countries participating in the IMF Coordinated Portfolio Investment

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.
Mr. Gian M Milesi-Ferretti, Ms. Natalia T. Tamirisa, and Mr. Francesco Strobbe
We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets.
Mr. Gian M Milesi-Ferretti, Ms. Natalia T. Tamirisa, and Mr. Francesco Strobbe

-country data) likely account for this large discrepancy. 12 For example, the portfolio equity liabilities of the Cayman Islands derived from the CPIS portfolio survey were around $770 billion at end-2007, but a Cayman Islands Monetary Authority’s survey of investment fund activity in the Cayman Islands found net asset values totaling over $2.2 trillion and gross asset values exceeding $3 trillion. Only the banking sector of the Cayman Islands has so far participated in the CPIS, and therefore the information on the geographical distribution of portfolio claims by the