Balance Sheets, Financial Interconnectedness, and Financial Stability – G20 Data Gaps Initiative

Balance Sheets, Financial Interconnectedness, and Financial Stability – G20 Data Gaps Initiative

 

From G-20 Data Gaps Initiative II: Meeting the Policy Challenge

In 2009, the G-20 Finance Ministers and Central Bank Governors (FMCBG) endorsed 20 recommendations to address data gaps revealed by the global financial crisis. The initiative, aimed at supporting enhanced policy analysis, is led by the Financial Stability Board (FSB) and the International Monetary Fund (IMF). The Inter-Agency Group on Economic and Financial Statistics (IAG)1 plays the global facilitator role to coordinate and monitor the implementation of the DGI recommendations.

The financial crisis which started in 2007 with problems in the U.S. subprime market, spread to the rest of the world becoming the most severe global crisis since the Great Depression. One difference between the global financial crisis and earlier post-war crises was that the crisis struck at the heart of the global financial system spreading throughout the global economy. This required global efforts for recovery. As one element of the global response, in October 2009, the G-20 Finance Ministers and Central Bank Governors (FMCBG) endorsed a DGI led by the Financial Stability Board (FSB) Secretariat and the IMF Staff. DGI was launched as an overarching initiative of 20 recommendations to address information gaps revealed by the global financial crisis.

Following the global financial crisis, in 2008, the G-20 leaders, at their meeting in Washington,9 committed to implement a fundamental reform of the global financial system to strengthen financial markets and regulatory regimes so as to avoid future crises.10 As part of the reform agenda, the FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF) and started working as the central locus of coordination to take forward the financial reform program as developed by the relevant bodies. The obligations of members of the FSB were set to include agreeing to undergo periodic peer reviews, using among other inputs IMF/World Bank Financial Sector Assessment Program (FSAP) reports. The G-20 leaders noted the importance of global efforts in implementing the global regulatory reform so as to protect against adverse cross-border, regional and global developments affecting international financial stability.

The components of the G-20 regulatory reform agenda complement each other with an ultimate goal of strengthening the international financial system. The DGI has been an important element of this agenda as the regulatory reform agenda items mostly require better data. The collection of data on Global Systemically Important Banks’ (G-SIBs) exposures and funding dependencies is among the steps towards addressing the “too-big-to-fail” issue by reducing the probability and impact of G-SIBs’ failing. The FSB work on developing standards and processes for global data collection and aggregation on securities financing transactions aims to improve transparency in securitization towards the main goal of reducing risks related to the shadow banking system. Over-the-counter (OTC) derivatives markets including Credit Default Swap (CDS) were brought under greater scrutiny towards the main goal of making derivatives markets safer following the global crisis. DGI supported this goal by improving information in CDS markets. A number of other G-20 initiatives have strong links with the DGI project including the FSB work on strengthening the oversight and regulation of the shadow banking system; and on the work on global legal entity identifiers (LEI)11 which contribute to the robustness of the data frameworks with a more micro focus. The changing global regulatory reforms particularly the implementation of Basel III was also taken into consideration in the development of the DGI.

Surveillance Agenda

The importance of closing the data gaps hampering the surveillance of financial systems was also highlighted as part of the IMF’s 2014 Triennial Surveillance Review (TSR).12 The 2014 TSR emphasized that due to growing interconnectedness across borders, financial market shocks will continue to have significant spillovers via both capital flows and shifts in risk positions. Also, new dimensions to interconnectedness will continue to emerge such as through the potential short-run adverse spillovers generated by the financial regulatory reforms. To this end, the TSR recommended improving information on balance-sheets and enriching flow-of funds data. The IMF has overhauled its surveillance to make it more risk-based. To this end, the IMF Managing Director’s Action Plan for Strengthening Surveillance following the 2014 TSR13 underlined that the IMF will revive and adapt the Balance Sheet Approach (BSA) to facilitate a more in-depth analysis of the impact of shocks and their transmission across sectors, and possibly initiate the global flow of funds to better reflect global interconnections (Box 1). This work requires data from the DGI as it will help support the IMF’s macro-financial work including in the key exercises and reports (i.e., Early Warning Exercise, FSAP, and GFSR).

Global Flow of Funds

Through the use of internationally-agreed statistical standards, data on cross-border financial exposures (IBS, CPIS, and Coordinated Direct Investment Survey (CDIS)) can be linked with the domestic sectoral accounts data to build up a comprehensive picture of financial interconnections domestically and across borders, with a link back to the real economy through the sectoral accounts. This work is known as the “Global Flow of Funds (GFF).”14 The GFF project is mainly aimed at constructing a matrix that identifies interlinkages among domestic sectors and with counterpart countries (and possibly counterpart country sectors) to build up a picture of bilateral financial exposures and support analysis of potential sources of contagion. The concept of the GFF was first outlined in the Second Progress Report on the G-20 Data Gaps Initiative and initiated in 2013 as part of a broader IMF initiative aimed at strengthening the analysis of interconnectedness across borders, global liquidity flows and global financial interdependencies. In the longer term, the GFF matrix is intended to support regular monitoring of bilateral cross-border financial positions through a framework that highlight risks to national and international financial stability. IMF Staff is working towards developing a GFF matrix starting with the largest global economies.

 

How Does the DGI Address the Surveillance Agenda?

As noted above, in the wake of the 2014 TSR the IMF Managing Director published an Action Plan for Strengthening Surveillance. Among the actions to be taken was that “The Fund will revive and adapt the balance sheet approach to facilitate a more in-depth analysis of the impact of shocks and their transmission across sectors.” This responded to a call from outside experts David Li and Paul Tucker in their external study for the 2014 TSR on risks and spillovers.37

Sectoral Analysis

Even though the 2007/2008 crisis emerged in the financial sector, given its intermediary role, the problems in the financial sector also affected other sectors of an economy. To this end, analysis of balance sheet exposures is essential given the increasingly interconnected global economy. As it is pointed out in the IMF TSR 2014, the use of balance sheets to identify sources of vulnerability and the transmission of shocks, could have helped detect risks associated with European banks’ reliance on U.S. wholesale funding to finance structured products. In June 2015, the IMF set out the way forward in a paper for the IMF Executive Board on Balance Sheet Analysis in Surveillance. 38 Sectoral accounts and balance sheet data are essential, including from-whom to-whom data, in providing the context for an assessment of the links between the real economy and financial sectors. The sectoral balance sheets of the SNA is seen as the overarching framework for balance sheet analysis as the IMF Executive Board paper makes clear. Further, the paper sets out a data framework for such analysis.39 Putting the sectoral balance sheets of the SNA in a policy context, the IMF has developed a BSA, which compiles all the main balance sheets in an economy using aggregate data by sector. The BSA is based on the same conceptual principles as the sectoral accounts, providing information on a from-whom-to-whom basis with an additional focus on vulnerabilities arising from maturity and, currency mismatches as well as the capital structure of economic sectors.

While currently not that many economies compile from-whom-to-whom balance sheet data, BSA data can be compiled from the IMF’s Standardized Report Forms, IIP, and government balance sheet data—a more limited set of data than needed to compile the sectoral accounts. The DGI-2 recommendations address key data gaps that act as a constraint on a full-fledged balance sheet analysis. The DGI recommends addressing such gaps through improving G-20 economies’ dissemination of sectoral accounts and balance sheets building on 2008 SNA, including for the non-financial corporate and household sectors. (Annex 1, Recommendation II.8) Given the multifaceted character of the datasets, implementation of this recommendation is challenging and progress has been slow. However, all G-20 economies agree on the importance of having such information and have plans in place to make it happen.

Understanding Cross-border Financial Interconnections

The crisis emphasized the fact that it is not possible to isolate the problems in a single financial system as shocks propagate rapidly across the financial systems. Indeed, the IMF, since 2010, has been identifying jurisdictions with systemically important financial sectors based on a set of relevant and transparent criteria including size and interconnectedness. Within this identification framework, cross-border interconnectedness is considered an important complementary measure to the size of the economy: it captures the systemic risk that can arise through direct and indirect interlinkages among financial sectors in the global financial system (i.e., the risk that failure or malfunction of a national financial system may have severe repercussions on other countries or on overall systemic stability.48 The 2014 TSR summed up the issue succinctly in its Executive Summary: “Risks and spillovers remain first-order issues for the world economy and should be central to Fund surveillance. Recent reforms have made surveillance more risk-based, helping to better capture global interconnections. Experience so far also points to the need to build a deeper understanding of how risks map across countries, and how spillovers can quickly spread across sectors to expose domestic vulnerabilities.”49 Four existing datasets that include key information on cross-country financial linkages are the IIP, BIS IBS, IMF CPIS and IMF CDIS. Together these datasets provide a comprehensive picture of cross-border financial interconnections. This picture is especially relevant for policy makers as financial connections strengthen across border and domestic conditions are affected by financial developments in other economies to whom they are closely linked financially. DGI-2 focuses on improving the availability and cross-country comparability of these datasets (Annex1, Recommendations II.10, 11, 12 and 13). The well-known IIP is a key data source to understanding the linkages between the domestic economy and the rest of the world by providing information on both external assets and liabilities of the economy with a detailed instrument breakdown. However, the crisis revealed the need for currency and more detailed sector breakdowns, particularly for the other financial corporations (OFCs) sector. Consequently, as part of the DGI, the IIP was enhanced to support these policy needs. Significant progress has also been made in ensuring regular reporting of IIP along with the increase in frequency of reporting from annual to quarterly. By end-2015 virtually all G-20 economies reported quarterly IIP data. The IBS have been a key source of data for many decades providing information on aggregate assets and liabilities of internationally active banking systems on a quarterly frequency. The CPIS data, while on an annual frequency, provided significant insights into portfolio investment assets. That said, both datasets had limitations in terms of country coverage and granularity. CPIS also needed to be improved in terms of frequency and timeliness. To this end, the DGI supported the enhancements in these datasets.

 

Key Terms:

  • G-20 Data Gaps Initiative (DGI)
  • Financial Stability Board (FSB)
  • The Inter-Agency Group on Economic and Financial Statistics (IAG)
  • Finance Ministers and Central Bank Governors (FMCBG)
  • Financial Stability Forum (FSF)
  • Global Systemically Important Banks (G-SIBs)
  • Over-the-counter (OTC)
  • Credit Default Swap (CDS)
  • Global legal entity identifiers (LEI)
  • IMF Triennial Surveillance Review (TSR)
  • IMF Balance Sheet Approach (BSA)
  • IMF Global Flow of Funds (GFF)
  • IMF IIP (International Investment Positions)
  • BIS IBS (International Banking Statistics)
  • IMF CPIS (Coordinated Portfolio Investment Survey)
  • IMF CDIS (Coordinated Direct Investment Survey)
  • IMF GFSR ( Global Financial Stability Report)

 

Other Related Terms:

  • Global Systemically Important Financial Institutions (G-SIFIs )
  • GLOBAL SYSTEMICALLY IMPORTANT INSURERS (G-SIIS)
  • Systemically Important Financial Market Utilities (G-FMUs)
  • Nonbank Financial Companies (G-SINFC)
  • Financial Stability Oversight Council (FSOC)

     

The IAG members are

  • BIS (Bank of International Settlements)
  • G20 (Group of 20 Nations)
  • IMF (International Monetary Fund)
  • OECD (Organisation for Economic Co-operation and Development)
  • ECB (European Central Bank)
  • World Bank
  • Eurostat (European Statistics/Directorate-General of the European Commission)
  • UN (United Nations)

 

From G-20 Data Gaps Initiative II: Meeting the Policy Challenge

balancesheets

From G-20 Data Gaps Initiative II: Meeting the Policy Challenge

dgi

 

Progress of DGI ((DGI-I and DGI-II)

From G-20 Data Gaps Initiative II: Meeting the Policy Challenge

The first phase of the DGI was successfully concluded in September 2015 and the second phase of the initiative (DGI-2) was endorsed by the G-20 FMCBG. The key objective of the DGI-2 is to implement the regular collection and dissemination of comparable, timely, integrated, high quality, and standardized statistics for policy use. DGI-2 encompasses 20 new or revised recommendations, focused on datasets that support: (i) monitoring of risk in the financial sector; and (ii) analysis of vulnerabilities, interconnections and spillovers, not least cross-border.

Following the significant progress in closing some of the information gaps identified during the global financial crisis of 2007/08, the G-20 FMCBG endorsed, in September 2015, the closing of DGI-1. During the six-year implementation of DGI-1, significant achievements were obtained, particularly regarding the development of conceptual frameworks, as well as enhancements in some statistical collection and reporting. Regarding the latter, more work is needed for the implementation of some recommendations, especially in seven high-priority areas across G-20 economies, notably in government finance statistics and sectoral accounts and balance sheets.

In September 2015, the G-20 FMCBG also endorsed the launch of the second phase of the DGI. The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use. Its twenty recommendations are clustered under three main headings: (1) monitoring risk in the financial sector, (2) vulnerabilities, interconnections and spillovers, and (3) data sharing and communication of official statistics. The DGI-2 maintains the continuity with the DGI-1 recommendations while setting more specific objectives with the intention for the G-20 economies to compile and disseminate minimum common datasets for these recommendations. The DGI-2 also includes new recommendations to reflect the evolving users’ needs. Furthermore, the DGI-2 aims at strengthening the synergies with other relevant global initiatives.

The DGI-2 facilitates closing data gaps that are policy-relevant. By achieving its main objective, the DGI-2 will be instrumental in closing gaps in policy-relevant data. Most of the datasets covered by the DGI-2 are particularly relevant for meeting the emerging macro- financial policy needs, including the analysis of international positions, global liquidity, foreign currency exposures, and capital flows volatility.

The DGI-2 introduces action plans that set out specific “targets” for the implementation of its twenty recommendations through the five-year horizon of the initiative. The action plans acknowledge that countries may be at different stages of statistical development and take into account national priorities and resource constraints. The DGI-2 intends to bring the G-20 economies at higher common statistical standards through a coordinated effort; however, flexibility will be considered in terms of intermediate steps to achieve the targets based on national priorities, resource constraints, emerging data needs, and other considerations.

 

 

 

Key Sources of Research:

 

Second Phase of the G-20 Data Gaps Initiative (DGI-2) First Progress Report

 

Prepared by the Staff of the IMF and the FSB Secretariat September 2016

 

http://www.imf.org/external/np/g20/pdf/2016/090216.pdf

 

 

Sixth Progress Report on the Implementation of the G-20 Data Gaps Initiative

 

Prepared by the Staff of the IMF and the FSB Secretariat September 2015

 

http://www.fsb.org/wp-content/uploads/The-Financial-Crisis-and-Information-Gaps.pdf

 

 

Fifth Progress Report on the Implementation of the G-20 Data Gaps Initiative

 

Prepared by the Staff of the IMF and the FSB Secretariat September 2014

http://www.imf.org/external/np/g20/pdf/2014/5thprogressrep.pdf

 

 

Fourth Progress Report on the Implementation of the G-20 Data Gaps Initiative

 

Prepared by the Staff of the IMF and the FSB Secretariat September 2013

 

http://www.imf.org/external/np/G20/pdf/093013.pdf

 

 

 

Progress Report on the G-20 Data Gaps Initiative: Status, Action Plans, and Timetables

 

Prepared by the Staff of the IMF and the FSB Secretariat September 2012

http://www.imf.org/external/np/g20/pdf/093012.pdf

 

 

 

Implementation Progress Report

 

Prepared by the IMF Staff and the FSB Secretariat June 2011

http://www.imf.org/external/np/g20/pdf/063011.pdf

 

 

 

Progress Report Action Plans and Timetables

 

Prepared by the IMF Staff and the FSB Secretariat May 2010

 

http://www.imf.org/external/np/g20/pdf/053110.pdf

 

 

 

Report to the
G-20 Finance Ministers and Central Bank Governors

 

Prepared by the IMF Staff and the FSB Secretariat October 29, 2009

 

http://www.imf.org/external/np/g20/pdf/102909.pdf

 

 

 

G-20 Data Gaps Initiative II: Meeting the Policy Challenge

by Robert Heath and Evrim Bese Goksu

2016

https://www.imf.org/external/pubs/ft/wp/2016/wp1643.pdf

 

 

 

Why are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis?

Robert Heath

http://www.imf.org/external/pubs/ft/wp/2013/wp1306.pdf

 

 

 

Toward the Development of Sectoral Financial Positions and Flows in a From-Whom-to-Whom Framework

Manik Shrestha

 

http://www.nber.org/chapters/c12835.pdf

 

 

An Integrated Framework for Financial Positions and Flows on a From-Whom-to- Whom Basis: Concepts, Status, and Prospects

Manik Shrestha, Reimund Mink, and Segismundo Fassler

 

https://www.imf.org/external/pubs/ft/wp/2012/wp1257.pdf

 

 

Financial investment and financing in a from-whom-to-whom framework

Mink, Reimund

https://www.bis.org/ifc/events/2011_dublin_61_01_mink.pdf

 

 

Users Conference on the Financial Crisis and Information Gaps

Conference co-hosted by The International Monetary Fund and The Financial Stability Board

2009

http://www.imf.org/external/np/seminars/eng/2009/usersconf/index.htm

 

 

A Status on the Availability of Sectoral Balance Sheets and Accumulation Accounts in Advanced Economies not Represented by Membership in the G-20

2011

 

https://www.imf.org/external/np/seminars/eng/2011/sta/pdf/g20a.pdf

 

 

A Status on the Availability of Sectoral Balance Sheets and Accumulation Accounts in G-20 Economies

2011

 

https://www.imf.org/external/np/seminars/eng/2011/sta/pdf/g20b.pdf

 

 

AN UPDATE ON THE IMF-OECD CONFERENCE ON STRENGTHENING SECTORAL POSITION AND FLOW DATA IN THE MACROECONOMIC ACCOUNTS

FEBRUARY 28 – MARCH 2, 2011

 

http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=COM/STD/DAF(2010)21&docLanguage=En

 

 

The Balance Sheet Approach:
Data Needs, Data at Hand, and Data Gaps (August 2009)

 

Alfredo Leone, Statistics Department, International Monetary Fund

 

https://www.czso.cz/staticke/conference2009/proceedings/data/quaterly_accounts/leone_paper.pdf

 

 

Development of financial sectoral accounts

New opportunities and challenges for supporting financial stability analysis

by Bruno Tissot

2016

 

http://www.bis.org/ifc/publ/ifcwork15.pdf

 

 

A Flow-of-Funds Perspective on the Financial Crisis Volume I: Money, Credit

edited by B. Winkler, A. van Riet, P. Bull, Ad van Riet

 

 

A Flow-of-Funds Perspective on the Financial Crisis Volume II: Macroeconomic

edited by B. Winkler, A. van Riet, P. Bull

 

 

Financial investment and financing in a from-whom-to-whom framework

Mink, Reimund

2011

http://2011.isiproceedings.org/papers/650287.pdf

 

 

Expanding the Integrated Macroeconomic Accounts’ Financial Sector

By Robert J. Kornfeld, Lisa Lynn, and Takashi Yamashita

2016

https://www.bea.gov/scb/pdf/2016/01%20January/0116_expanding_the_integrated_macroeconomic_accounts_financial_sector.pdf

 

 

Using the Balance Sheet Approach in Surveillance: Framework, Data Sources, and Data Availability

Johan Mathisen and Anthony Pellechio

2006

http://www.imf.org/external/pubs/ft/wp/2006/wp06100.pdf

 

 

Balance Sheet Analysis: A New Approach to Financial Stability

Surveillance

By Jean Christine A. Armas

2016

 

http://www.bsp.gov.ph/downloads/EcoNews/EN16-01.pdf

 

 

USING THE BALNCE SHEET APPROACH IN FINANCIAL STABILITY SURVEILLANCE:
Analyzing the Israeli economy’s resilience to exchange rate risk

 

http://www.suomenpankki.fi/en/tutkimus/konferenssit/konferenssit_tyopajat/Documents/JFS2007/JFS2007_HaimLevy_pres.pdf

http://www.boi.org.il/deptdata/stability/papers/dp0701e.pdf

 

 

 

A Balance Sheet Approach to Financial Crisis

Mark Allen, Christoph Rosenberg, Christian Keller, Brad Setser, and Nouriel Roubini

2002

https://www.imf.org/external/pubs/ft/wp/2002/wp02210.pdf

 

 

THE BALANCE SHEET APPROACH TO FINANCIAL CRISES IN EMERGING MARKETS

Giovanni Cozzi and
Jan Toporowski

2006

http://www.levyinstitute.org/pubs/wp_485.pdf

 

 

Balance-sheets. A financial/liability approach

Bo Bergman

2015

 

http://iariw.org/papers/2015/bergman_paper.pdf

 

 

Understanding Financial Crisis Through Accounting Models

Dirk J Bezemer

2009

http://www.uclm.es/actividades/2009/workshopESHET-UCLM/Bezemer_-_No_one_show_this_comming.pdf

 

 

 

Schumpeter Might Be Right Again: The Functional Differentiation of Credit

Dirk J. Bezemer
University of Groningen

https://www.rug.nl/staff/d.j.bezemer/the_functional_differentiation_of_credit.pdf

 

 

Causes of Financial Instability: Don’t Forget Finance

Dirk J. Bezemer

April 2011

 

http://www.levyinstitute.org/pubs/wp_665.pdf

 

 

THE ECONOMY AS A COMPLEX SYSTEM: THE BALANCE SHEET DIMENSION

DIRK J BEZEMER

2012

http://www.economicsofcreditanddebt.org/media/research/ACS_1250047_1st_Prf.pdf

 

 

Did Credit Decouple from Output in the Great Moderation?

Maria Grydaki and Dirk Bezemer

June 2013

https://mpra.ub.uni-muenchen.de/47424/1/MPRA_paper_47424.pdf

 

 

 

Towards an ‘accounting view’ on money, banking and the macroeconomy: history, empirics, theory

Dirk J. Bezemer

2016

http://www.economicsofcreditanddebt.org/media/research/Camb._J._Econ.-2016-Bezemer-1275-95.pdf

 

 

Modelling systemic financial sector and sovereign risk

Dale F. Gray anD anDreas a. Jobst

2011

 

http://www3.tcmb.gov.tr/konferanslar/fsr/Gray_2.pdf

 

 

BALANCE SHEET ANALYSIS IN FUND SURVEILLANCE

2015

https://www.imf.org/external/np/pp/eng/2015/061215.pdf

https://www.imf.org/external/np/pp/eng/2015/071315.pdf

 

 

The role of external balance sheets in the financial crisis

Yaser Al-Saffar, Wolfgang Ridinger and Simon Whitaker

2013

 

http://www.bankofengland.co.uk/financialstability/Documents/fpc/fspapers/fs_paper24.pdf

 

 

Global Conferences on DGI

June 2, 2016

http://www.imf.org/external/np/seminars/eng/dgi/

 

 

CAPITAL FLOWS AND GLOBAL LIQUIDITY

IMF Note for G20 IFA WG

February 2016

 

http://g20chn.org/English/Documents/Current/201608/P020160811536051676178.pdf

 

 

Introduction to Balance of Payments and International Investment Position Manual, 6th Edition and BPM6 Compilation Guide

http://www.imfmetac.org/Upload/Link3_766_105.pdf

 

 

Introduction: ‘cranks’ and ‘brave heretics’: rethinking money and banking after the Great Financial Crisis

Geoffrey Ingham Ken Coutts Sue Konzelmann

Camb J Econ (2016) 40 (5): 1247-1257.

 

 

Network Analysis of Sectoral Accounts: Identifying Sectoral Interlinkages in G-4 Economies

by Luiza Antoun de Almeida

2016

https://www.imf.org/external/pubs/ft/wp/2015/wp15111.pdf

 

 

2014 TRIENNIAL SURVEILLANCE REVIEW—EXTERNAL STUDY—RISKS AND SPILLOVERS

Prepared By David Daokui Li and Paul Tucker

 

https://www.imf.org/external/np/pp/eng/2014/073014e.pdf

https://www.imf.org/external/pubs/ft/bop/2014/pdf/14-10.pdf

 

 

 

2014 TRIENNIAL SURVEILLANCE REVIEW—OVERVIEW PAPER

 

http://www.imf.org/external/np/pp/eng/2014/073014.pdf

http://www.imf.org/external/np/spr/triennial/2014/

 

 

Measuring Global Flow of Funds and Integrating Real and Financial Accounts: Concepts, Data Sources and Approaches

Nan Zhang (Stanford University)

2015

http://iariw.org/papers/2015/zhang.pdf

 

 

Cross-border financial linkages: Identifying and measuring vulnerabilities

 

Philip R. Lane

2014

 

http://cepr.org/sites/default/files/policy_insights/PolicyInsight77.pdf

 

 

Global Flow of Funds: Mapping Bilateral Geographic Flows

Authors1: Luca Errico, Richard Walton, Alicia Hierro, Hanan AbuShanab, Goran Amidzic

 

2013

http://2013.isiproceedings.org/Files/STS083-P1-S.pdf

 

Global-Flow-of-Funds Analysis in a Theoretical Model -What Happened in China’s External Flow of Funds –

 

Nan Zhang

 

http://ns1.shudo-u.ac.jp/~zhang/08GFOF.pdf

 

 

Mapping the Shadow Banking System through a Global Flow of Funds Analysis

Hyun Song Shin

Princeton University

https://www.imf.org/external/np/seminars/eng/2013/sta/forum/pdf/Hyun-Song-Shin2.pdf

 

 

The Composition of the Global Flow of Funds in East Asia

 

Nan Zhang

 

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.534.757&rep=rep1&type=pdf

 

 

What Has Capital Flow Liberalization Meant for Economic and Financial Statistics?

Robert Heath

2015

https://pdfs.semanticscholar.org/48dd/41aac8864e53b6176f7b3b7df22aba05ac0e.pdf

 

 

Global flows in a digital age: How trade, finance, people, and data connect the world economy

McKinsey & Company Report

2014

 

 

Managing global finance as a system

Speech given by

Andrew G Haldane, Chief Economist, Bank of England

At the Maxwell Fry Annual Global Finance Lecture, Birmingham University 29 October 2014

http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech772.pdf

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Author: Mayank Chaturvedi

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