Reproducibility package for Bilateral International Investments: the Big Sur
Overview
This paper presents novel stylized facts about the rise of the South in global finance using country-to-country data. To do so, the paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment, foreign direct investment, and international reserves from 2001 to 2018. The main findings are that investments involving the South, and especially within the South, have grown faster than those within the North. By 2018, South-to-South investments accounted for 8% of total international investments, while investments between the South and the North accounted for an additional 26%. The fastest growth occurred in portfolio investment and international reserves, whereas the slowest growth was in banking. These trends are not driven by China, any particular South region, or offshore financial centers. South-to-South investments grew the fastest even after controlling for regional GDP growth. The extensive margin played a significant role in the growth of investments within the South.
Reproducibility Package
| Name | URL |
|---|---|
| Modified BSD3 | https://opensource.org/license/bsd-3-clause/ |
| Repository name | URI |
|---|---|
| Reproducible Research Repository (World Bank) | https://reproducibility.worldbank.org |
Reproducibility
OS: Windows 10 Enterprise, version 21H2
Processor: Intel(R) Core(TM) i7-8665U CPU @ 1.90GHz 2.11 GHz
Memory available: 15.8 GB
Software version: Stata 16.1
A readme file with detailed instructions is part of the reproducibility package.
Data
All data is public and contained in the reproducibility package.
Description
| Author | Affiliation | |
|---|---|---|
| Fernando Broner | CREI, Universitat Pompeu Fabra, and Barcelona GSE | fbroner@crei.cat |
| Tatiana Didier | World Bank | tdidier@worldbank.org |
| Sergio L. Schmukler | World Bank | sschmukler@worldbank.org |
| Goetz von Peter | Bank for International Settlements | Goetz.von.Peter@bis.org |
We are truly indebted to Facundo Abraham and Paolo Sabella, who helped us put together the paper, as well as to Juan José Cortina Lorente, Esteban Espinoza, Julia Gottlieb, Ruth Llovet, and Matías Moretti for excellent research assistance at earlier stages of the project. We received very useful comments from Stijn Claessens, Ben Cohen, Augusto de la Torre, Sebastian Horn, Sebnem Kalemli-Özcan (the Editor), Aart Kraay, Ayhan Kose, Daniel Lederman, Bob McCauley, Gian Maria Milesi-Ferretti, Carmen Reinhart, Luis Eduardo San Martin, Luis Servén, two anonymous referees, and participants at presentations held at the Armenian Economic Association Annual Meetings, Asia School of Business, ASSA Annual Meetings, Banca D’Italia, Bank for International Settlements, CEPR Paris Symposium, International Monetary Fund, Paris School of Economics, University of Southern California, and World Bank. We thank Anton Park for helpful edits.
2023-07
Scope and coverage
| Location | Code |
|---|---|
| World | WLD |
Disclaimer
The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development/the World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.
Access and rights
| Name | URI |
|---|---|
| Modified BSD3 | https://opensource.org/license/bsd-3-clause/ |
Information on metadata
| Name | Abbreviation | Affiliation |
|---|---|---|
| Jones | MRJ | World Bank |
| Krestel | CK | World Bank |
2023-07-17
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