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Journal Article
Recent developments in cross-border investment in securities
Securities have replaced bank lending in recent years as the primary means through which funds are invested internationally, and in the process, the share of U.S. securities owned by foreigners has grown markedly. Between 1974 and 2002, the proportion of the value of outstanding U.S. long-term securities (equities and long-term debt) that was foreign-owned increased from about 5 percent to about 12 percent. At the same time, U.S. holdings of foreign long-term securities also increased, although their growth did not match the rapid growth in foreign holdings of U.S. securities. At $1.8 ...
Journal Article
Understanding U.S. cross-border securities data
Journal Article
The U.S. system for measuring cross-border investment in securities: a primer with a discussion of recent developments
The tremendous growth in cross-border securities investment in recent years has called attention to the systems used by the United States and other countries to measure international securities flows and holdings. Ideally, the data gathered by the United States could tell us the extent to which foreign investors hold U.S. securities, the types of securities held, and the countries in which the securities are held, for example, and could identify trends in investment. This article looks at how well the data shed light on these topics. Special attention is given to the system's design and the ...
Working Paper
Information costs and home bias: an analysis of U.S. holdings of foreign equities
We aim to provide insight into the observed equity home bias phenomenon by analyzing the determinants of U.S. holdings of equities across a wide range of countries. In particular, we explore the role of information costs in determining the country distribution of U.S. investors' equity holdings using a comprehensive new data set on U.S. ownership of foreign stocks. We find that U.S. holdings of a country's equities are positively related to the share of that country's stock market that is listed on U.S. exchanges, even after controlling for capital controls, trade links, transaction costs, ...