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Cross-Border Investment in Small International Financial Centers

By Philip Lane and Gian Maria Milesi-Ferretti


We document and assess the role of small financial centers in the international financial system using a newly-assembled dataset. We present estimates of the foreign asset and liability positions for a number of the most important small financial centers, and place these into context by calculating the importance of these locations in the global aggregate of cross- border investment positions. We also report data on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.Financial centers, international investment position, capital flows.

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