Title European financial linkages : a new look at imbalances / prepared by Claire Waysand, Kevin Ross, John de Guzman

Published [Washington, DC] : International Monetary Fund, ©2010

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Description 1 online resource (60 pages) : color illustrations Series IMF working paper ; WP/10/295 IMF working paper ; WP/10/295. Contents Cover Page; Title Page; Copyright Page; I. Introduction; II. Related Literature; III. Methodology; A. Main Principles; B. Gaps and Discrepancies; IV. Stylized Facts; A. External financial integration of the EU and the EA is high.; B. However, internal financial integration among EU and EA countries is large as well.; Total Internal Assets and Liabilities; C. While European countries EU and Euro Area IIPs broadly reflect their global IIPs, there are some marked differences.; Table 1. Net Investment Positions and GDP per Capita, 2008 D. EU and EA countries have accumulated significant external positions vis-à-vis other with capital flowing from more advanced economies to those with a lower GDP per capita. Figure 1. Euro Area and European Union: Net Financial Positions and GDP per Capita, 2002; Figures; Figure 2. Euro Area and European Union: Net Financial Positions and GDP per Capita, 2008; Figure 3A. Net Foreign Assets and Gross Positions: European Union Countries, 2008; Figure 3B. Net Foreign Assets and Gross Positions: Euro Area Countries, 2008 E. Top net creditors or debtors do not necessarily coincide with top trade partners nor with main financial partners on a gross basis. Table 2A. Top Financial and Trade Positions: Euro Area Creditor Countries, 2008; Table 2B. Top Financial and Trade Positions: Euro Area Countries with Limited Financing Needs, 2008; Table 2C. Top Financial and Trade Positions: Euro Area Countries with Significant Financing Needs, 2008; Table 2D. Top Financial and Trade Positions: Other Euro Area Countries, 2008; Table 2E. Top Financial and Trade Positions: Other European Union Creditor Countries, 2008 Table 2F. Top Financial and Trade Positions: Switzerland and Norway, 2008Table 3A. Top Gross Financial Partners: Euro Area Creditor Countries, 2008; Table 3B. Top Gross Financial Partners: Euro Area Countries with Limited Financing Needs, 2008; Table 3C. Top Gross Financial Partners: Euro Area Countries with Significant Financing Needs, 2008; Table 3D. Top Gross Financial Partners: Other Euro Area Countries, 2008; Table 3E. Top Gross Financial Partners: Other EU Creditor Countries, 2008; Table 3F. Top Gross Financial Partners: Norway and Switzerland, 2008 F. The intra-Euro area dependency is high and has increased for a number of countries. Table 4. Net Investment Positions of European Countries, 2002 and 2008; G. Intra-European net positions have diverged across country groupings; H. Financing patterns reflected specializations of financial centers and sources of financing needs of debtor countries.; Figure 3C. Net Foreign Assets and Gross Positions: Euro Area Creditor Countries (Austria, Belgium, Finland, France and Germany), 2008 Summary We document external investment positions among European Union countries at the start of the financial crisis through the creation of a new database comprising bilateral external financial asset and liabilities, excluding reserve assets and derivatives. While there are some gaps in the data, the overall coverage of reported bilateral net international investment positions (IIPs) appears satisfactory. The dataset provides a richer picture of financial linkages, enabling us to map the financing of Euro area imbalances. Creditor and debtor positions vis-ÜÖ -vis the rest of the EU have tended to increase between 2000 and 2008, with capital flowing largely from wealthier to catching-up economies. This has in particular resulted in an increased interdependency among Euro Area economies Notes Title from PDF title page (IMF Web site, viewed Feb. 23, 2011) At head of title: European Department Bibliography Includes bibliographical references Notes "December 2010." Subject Investments, Foreign -- European Union countries Investments, Foreign European Union countries Form Electronic book Author Ross, Kevin (Kevin L.), author. De Guzman, John, author. International Monetary Fund. European Department, issuing body. ISBN 1283568772 9781283568777 9781455295258 1455295256 9781455211760 1455211761

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