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Keywords:Investments, Foreign 

Journal Article
Foreign direct investment, productivity, and country growth: an overview

The authors review the empirical literature that studies the relationship between foreign direct investment, productivity, and growth using aggregate data and focus on two questions: Is there evidence of a positive relationship between foreign direct investment and national growth? And does the output of the "multinational sectors" exhibit higher labor productivity? The authors also briefly discuss how the microeconomic evidence and a number of aggregation and composition problems might help explain the ambiguous results in this literature.
Review , Volume 91 , Issue Mar

Journal Article
Equity home bias: Can information cost explain the puzzle?

Most stock market investors believe that the ideal equity portfolio should be well diversified to lower overall portfolio risk. International financial markets offer a means for diversification, but most investors do not exploit this risk-sharing opportunity and instead hold large shares of their portfolios in domestic stocks-a tendency called home bias. ; To measure how severe home bias is, the author introduces a method of quantifying it. A simple asset allocation model is used to determine the shadow cost of foreign investment-that is, the perceived annual cost of foreign equity necessary ...
Economic Review , Volume 86 , Issue Q3 , Pages 31-42

Speech
Recent developments in key legal issues of international reserves investments

Remarks at the Central Reserve Bank of Peru on the Foreign Sovereign Immunities Act and Central Bank Immunity in the United States.
Speech , Paper 48

Report
Foreign direct investment and indebted developing countries

Research Paper , Paper 8609

Working Paper
Small caps in international equity portfolios: the effects of variance risk

We show that predictable covariances between means and variances of stock returns may have a first order effect on portfolio composition. In an international asset menu that includes both European and North American small capitalization equity indices, we find that a three-state, heteroskedastic regime switching VAR model is required to provide a good fit to weekly return data and to accurately predict the dynamics in the joint density of returns. As a result of the non-linear dynamic features revealed by the data, small cap portfolios become riskier in bear markets, i.e. display negative ...
Working Papers , Paper 2005-075

Working Paper
Foreign direct investment in China: a spatial econometric study

Foreign direct investment (FDI) began to flow into China with advent of reforms in 1978. Following a period of relatively slow growth, FDI inflows to China picked up after 1990, as China surpassed every other nation but the United States in attracting foreign investment. In particular, coastal regions of China have received the bulk of FDI inflows to the country. In this paper, we use province-level data to explain the pattern of FDI location across China. We build upon previous research, introducing new potential determinants, using more recent FDI data, and incorporating spatial econometric ...
Working Papers , Paper 1999-001

Journal Article
What explains capital flows?

FRBSF Economic Letter

Working Paper
Cross-border diversification in bank asset portfolios

Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We compare these optimal portfolios to the actual cross-border assets of banks from 1995-1999 and try to explain the deviations. We find that banks over-invest domestically to a considerable extent and that cross-border diversification entails considerable gain. Banks underweight countries which are culturally less similar or have capital controls in place. Capital controls have ...
Finance and Economics Discussion Series , Paper 2004-26

Working Paper
What makes investors over or underweight? explaining international appetites for foreign equities

Using data from the IMF Coordinated Portfolio Investment Surveys conducted in 2001, we analyze the determinants of 31 countries' international equity holdings. We show that investors in all countries underweight U.S. equities in their portfolios, many by more than they underweight foreign equities in general. Such behavior is surprising given the common perception of the United States as a desirable investment destination due to its well-developed legal and regulatory environment. Instead we find that investors in some countries are overweight in equities from other countries with which they ...
International Finance Discussion Papers , Paper 819

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 ...
Federal Reserve Bulletin , Volume 90 , Issue Win

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Warnock, Francis E. 10 items

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