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The Geographical Composition of National External Balance Sheets: 1980-2005

Research output: Contribution to journalArticle

Chris Kubelec, Filipa Goncalves e Sa

Original languageEnglish
Pages (from-to)143-189
Number of pages47
JournalInternational journal of central banking
Volume8
Issue number2
Publication statusPublished - Jun 2012

King's Authors

Abstract

This paper constructs a data set on the stocks of bilateral external assets and liabilities for eighteen countries in the period from 1980 to 2005. It distinguishes between four asset classes: foreign direct investment, portfolio equity, debt, and foreign exchange reserves. Network methods are used to explore the key facts that emerge from the data. We find that there has been a remarkable increase in interconnectivity over the past two decades and that this has been centered around a small number of countries. In a simulation exercise we show that shocks to one of the central countries generate much larger losses to the network than shocks to the periphery.

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