The Geography of Capital Allocation in the Euro Area
The Geography of Capital Allocation in the Euro Area
复制标题
欧元区资本配置的地理分布
DOI：
10.2139/ssrn.4398898
复制
发表时间：
2024
期刊：
影响因子：
--
通讯作者：
Jesse Schreger
中科院分区：
文献类型：
--
作者：
Roland Beck;Antonio Coppola;Angus Lewis;Matteo Maggiori;Martin Schmitz;Jesse Schreger
我们重新评估了欧元区金融一体化的模式，调整欧元区内的“在岸离岸金融中心”（OOFC）的作用。虽然欧元区在货币联盟内外都有大量的国际投资，但其中大部分是通过卢森堡、爱尔兰和荷兰的离岸金融中心进行的。这些国家扮演着双重角色，既是投资基金中介中心，又是外国公司证券发行中心。我们通过将基金部门投资与基础持有人联系起来，并将证券发行与最终母公司联系起来，来审视这两个角色，并重申欧元区投资头寸的模式。我们对欧元区投资的新估计使我们能够记录一些程式化的事实。首先，欧元区的估计外部头寸总额小于官方数据。其次，欧元区比官方数据更倾向于欧元计价资产，而远离美元和其他外币资产。第三，欧元区的金融一体化程度比表面上要低。第四，欧洲金融一体化不成比例地通过在海外金融中心发行的证券而不是通过国内资本市场实现。第五，欧元区金融一体化存在南北偏向，即北方欧洲国家相对低估了南欧国家发行的证券。
We reassess the pattern of Euro Area financial integration adjusting for the role of “onshore offshore financial centers” (OOFCs) within the Euro Area. While the Euro Area records large levels of international investment both within and outside of the currency union, much of these flows are intermediated via the OOFCs of Luxembourg, Ireland, and the Netherlands. These countries have dual roles as both hubs of investment fund intermediation and centers of securities issuance by foreign firms. We look through both roles and restate the pattern of Euro Area investment positions by linking fund sector investments to the underlying holders and securities issuance to the ultimate parent firms. Our new estimates of Euro Area investment allow us to document a number of stylized facts. First, the Euro Area’s estimated gross external position is smaller than in official data. Second, the Euro Area is more biased towards euro-denominated assets and away from US dollar and other foreign currency assets than in official data. Third, the Euro Area is less financially integrated than it appears. Fourth, European financial integration occurs disproportionately through securities issued in OOFCs rather than via domestic capital markets. Fifth, there is a North-South bias in Euro Area financial integration whereby Northern European countries are relatively underweight securities issued by Southern European countries.
DOI：
10.2139/ssrn.3682277
发表时间：
2019-03
期刊：
FEN: Differences in Taxation & Corporate Finance (Topic)
影响因子：
--
作者：
Katarzyna Bilicka
通讯作者：
Katarzyna Bilicka
重新绘制全球资本流动地图：跨境融资和避税天堂的作用
DOI：
10.1093/qje/qjab014
发表时间：
2021
期刊：
The Quarterly Journal of Economics
影响因子：
--
作者：
Coppola, Antonio;Maggiori, Matteo;Neiman, Brent;Schreger, Jesse
通讯作者：
Schreger, Jesse
影响因子：
8.2
作者：
Maggiori, Matteo;Neiman, Brent;Schreger, Jesse
通讯作者：
Schreger, Jesse