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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. Middle East and Central Asia Dept.

projects €630 million €375 million Cumulative EBRD investment Current portfolio of projects €252 million €124 million Cumulative disbursements Operating assets 25% 4% Private sector share of portfolio Equity share of portfolio Data val id as oft 30 Apri1 2017 Relations with the Asian Development Bank (As of June 19, 2017) The Asian Development Bank (ADB) has partnered with Tajikistan since 1998 and has approved over $1.5 billion in concessional loans, grants, and technical assistance . ADB is

International Monetary Fund. Middle East and Central Asia Dept.

portfolio Equity share of portfolio Data valid as of: 31 January 2017 Relations with the Asian Development Bank (As of March 14, 2017) Kazakhstan became a member of the Asian Development Bank (ADB) in 1994. In the early years of the country’s transition from a centrally-planned to a market-driven economy, the ADB focused its support on agriculture, education, finance, and delivery of social services. In recent years, ADB sovereign lending operations in Kazakhstan have focused on financing credit lines for small and medium-sized enterprises

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

” category contains primarily bank assets and liabilities. Source: authors’ calculations. The importance of the SIFC group over time as a destination of global cross-border portfolio investment is highlighted in Figure 6A . Based on CPIS data (available since 2001), this figure shows the time-varying share of global portfolio equity and debt assets invested in SIFCs over 2001-2007. The portfolio equity share has climbed from just under 6 percent to nearly 9 percent over this time period, whereas the portfolio debt share has remained relatively stable in the 5

Mr. Mark S. Carlson and Mr. Leonardo Hernández

between exchange rates regime, capital controls, and portfolio equity share are more complicated. This is surprising because in most studies portfolio equity is thought to behave similarly to short-term debt. The test results are reported in Table 3 , Appendix II . Similar to the case of FDI, countries that have a pure floating exchange rate tend to have a smaller share of their capital inflows composed of portfolio equity investment. This may be due to increased uncertainty or concern about exchange rate variability; that is, investors may be less interested in

Mr. Robert P Flood

Foreign Liabilities and Equity Share (Average, 1997-2001) Note: Averaged data over 1997-2001. Correlation between portfolio equity share and rate of return is 0.60 for external assets, 0.80 (0.59 excluding Finland) for external liabilities. Figure 10. United States: Rates of Return and Yields on Foreign Assets, 1983-2001 Figure 11. United States: Rates of Return and Yields on Foreign Liabilities, 1983-2001 Note: Graphs plot nominal U.S. dollar returns and yields on foreign assets and liabilities, with FDI at market value. Table 6A

Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

-2001. Correlation between portfolio equity share and rate of return is 0.60 for external assets, 0.80 (0.59 excluding Finland) for external liabilities. Figure 10. United States: Rates of Return and Yields on Foreign Assets, 1983-2001 Figure 11. United States: Rates of Return and Yields on Foreign Liabilities, 1983-2001 Note: The graphs plot nominal U.S. dollar returns and yields on foreign assets and liabilities, with FDI at market value. In term of time-series behavior, Tables 5a and 5b report fixed-effects regressions over 1983-2001 for the

Mr. Paolo Mauro and Mr. Andre Faria
A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises.
Mr. Paolo Mauro and Mr. Andre Faria

on the same set of potential determinants ( Table 6 ). This allows us to ask questions such as the following: when the institutional quality index improves by one digit, by how many percentage points of total liabilities do the shares of FDI, portfolio equity, portfolio debt, and “other liabilities” change, respectively? Of course, by identity, the sum of the changes has to equal zero. A one-digit improvement in the institutional quality index is associated with a 5 percentage point increase in the share of portfolio equity share in total liabilities; a 10