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Discussion Paper

Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias


Abstract: The residence-based framework of measuring international exposure is increasingly less informative, as a growing number of firms locate in low-tax jurisdictions and issue securities through offshore subsidiaries. This has clouded the view of capital flows and investor exposures from standard sources such as the IMF Balance of Payments and the Coordinated Portfolio Investment Survey.

https://doi.org/10.17016/2380-7172.2829

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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2020-12-18

Number: 2020-12-18-2