Global Flow of Funds: Statistical Data Matrix across National Boundaries
Liquidity: Money stocks which can be quickly turned into flows.
Economists recently have emphasized use of Gross Capital Flows rather than Net Capital Flows due to
- Financial Globalization
- Financial System Stability
- Inability of Current Account Statistics to explain financial fragility
Three Interesting papers related to capital flows/global flow of funds data needs.
Capital Inflows and the US Housing Boom
THE NEW DYNAMICS OF FINANCIAL GLOBALIZATION
The global role of the US dollar and its consequences
Roles of Money
From: The global role of the US dollar and its consequences
- Money as Reserve Currency
- Money as Invoicing Currency
- Money as Funding Currency
Money Attributes
- Capital Flows
- Public and Private
- Funding Flows
- Money flows mostly private
- Payments Flows
- Private
Types of Capital Flows
- FDI Foreign Direct Investment
- Equity Portfolio Investments
- Bond Finance
- Commercial Bank Lending
- International Wholesale Funding (Money Markets)
- Foreign Exchange Market
- FX Swaps Market
- Euro Currency Market
- FX Swaps of Central Banks
- Trade Finance
- Retail Finance
- Remittances
- Intra Firm Finance of MNCs
- Intra Bank finance of Global Bank Branches
- Payments Flows
Key Terms
- Global Capital
- Global Money
- Global Liquidity
- Money Markets
- Capital Markets
- Trade Finance
- Portfolio Flows
- FDI
- Safety Nets
- Currency Swaps
- FX Swaps
- Euro Dollars
- LIBOR OIS Spread
- Covered Interest Parity CIP
- Uncovered interest Parity
- Wholesale Funding Markets
- Triffin Dilemma
- Triple Coincidence
- Helen Rey
- Currency Flows
- Capital Inflows
- Capital Outflows
- Gross Capital Flows
- Statistical Matrix
- Stocks and Flows
- Current Account
- Capital Account
- Balance of Payments
- International Finance
- International Economics
- NIPA
- Financial Accounts
- Federal Reserve Z.1 Report
- Net Capital Flows
- Current Account Deficits
- Capital Accounts Controls
MEASURING GLOBAL FLOW OF FUNDS: FOCUS ON CHINA, JAPAN, AND THE UNITED STATES
This paper aims to establish a new statistical framework for measuring global flow of funds (GFF) based on its inherent mechanisms. It advances a previous theoretical discussion and develops a practical operational statistical matrix. Based on theoretical and practical possibilities the paper gets existing data from the International Investment Position, the Coordinated Direct Investment Survey, the Coordinated Portfolio Investment Survey, and International Banking Statistics are integrated for measuring GFF. The main outcome is a prototype GFF matrix that includes stock data geographically disaggregated by country/region and selected financial instruments. The paper presents a GFF Matrix compiled with the pattern of ‘Country vis-à-vis Country’ matrix, and through using the GFF matrix to analyze the basic status, mutual relationship and existing problems between China, Japan, and the United States in the external financial positions.
Image Source: BANKS AND CROSS-BORDER CAPITAL FLOWS: POLICY CHALLENGES AND REGULATORY RESPONSES
Image Source: BANKS AND CROSS-BORDER CAPITAL FLOWS: POLICY CHALLENGES AND REGULATORY RESPONSES
Image Source: THE NEW DYNAMICS OF FINANCIAL GLOBALIZATION
Image Source: THE NEW DYNAMICS OF FINANCIAL GLOBALIZATION
Image Source: THE NEW DYNAMICS OF FINANCIAL GLOBALIZATION
Image Source: THE NEW DYNAMICS OF FINANCIAL GLOBALIZATION
My Related Posts
Global Liquidity and Cross Border Capital Flows
Low Interest Rates and International Capital Flows
The Dollar Shortage, Again! in International Wholesale Money Markets
Understanding Global OTC Foreign Exchange (FX) Market
The Future of FX Markets – Update October 2019
Global Financial Safety Net: Regional Reserve Pools and Currency Swap Networks of Central Banks
Currency Credit Networks of International Banks
Measuring Globalization: Global Multi Region Input Output Data Bases (G-MRIO)
Economics of Digital Globalization and Information Data Flows
Economics of Money, Credit and Debt
Balance Sheets, Financial Interconnectedness, and Financial Stability – G20 Data Gaps Initiative
Foundations of Balance Sheet Economics
External Balance sheets of Nations
Low Interest Rates and International Investment Position of USA
Morris Copeland and Flow of Funds accounts
Integrated Macroeconomic Accounts, NIPAs, and Financial Accounts
Stock-Flow Consistent Modeling
Credit Chains and Production Networks
TARGET2 Imbalances in European Monetary Union (EMU)
Key Sources of Research
Large Capital Flows
Causes, Consequences, and Policy Responses
1999 IMF Finance and Development article
https://www.imf.org/external/pubs/ft/fandd/1999/09/lopez.htm
All of the World’s Money and Markets in One Visualization
on May 27, 2020
How the Financial System Works?
– A Map of Money Flows in the Global Financial Ecosystem –
Zoltan Pozsar
Senior Adviser
Office of Financial Research, U.S. Treasury
Measuring global flow of funds: focus on China, Japan, and the United States
Pages 520-550 | Received 28 Aug 2018, Accepted 03 Jan 2019, Published online: 11 Feb 2019
Economic Systems Journal
2019 Vol 31/4
https://www.tandfonline.com/doi/full/10.1080/09535314.2019.1574719
Global flows in a digital age: How trade, finance, people, and data connect the world economy
McKinsey Global Institute
April 2014
Highlights of global financial flows
BIS Quarterly Review | March 2017 | 06 March 2017
https://www.bis.org/publ/qtrpdf/r_qt1703b.htm
Global Monitoring of International Capital Flows
Volume 47, 2012 · Number 2 · pp. 129–136
Intereconomics
What Drives Global Capital Flows?
Myth, Speculation and Currency Diplomacy
2006
Brown, B.
Palgrave
https://www.palgrave.com/gp/book/9781403947574
Capital Flows Tracker
Institute of International Finance
https://www.iif.com/Research/Capital-Flows-and-Debt/Capital-Flows-Tracker
Global Flow of Funds: Mapping Bilateral Geographic Flows
Luca Errico, Richard Walton, Alicia Hierro, Hanan AbuShanab, Goran Amidzic Statistics Department, International Monetary Fund
Corresponding author: Richard Walton, email: rwalton@imf.org
IMF
Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
Antonio Coppola, Matteo Maggiori, Brent Neiman and Jesse Schreger
JANUARY 2020
Global Liquidity and Financial Flows to Developing Countries:
New Trends in Emerging Markets and their Implications
C.P. Chandrasekhar
No. 52, November 2008
The Management of Capital Inflows
John Williamson (PIIE)
Paper published in Pensamiento Iberoamericano
1995
Peterson Institute of International Economics
Gross capital flows: Dynamics and crises
FernandoBroneraTatianaDidierbAitorErcecSergio L.Schmuklerb
https://www.sciencedirect.com/science/article/abs/pii/S0304393212001675
Decline of Globalism: Capital Flows Update
UPenn Wharton
https://budgetmodel.wharton.upenn.edu/issues/2020/9/21/capital-flows-update
How does international capital flow?
by Michael Kumhof, Phurichai Rungcharoenkitkul and Andrej Sokol
Monetary and Economic Department October 2020
Global Money: A Work in Progress
JUN 12, 2016
https://www.ineteconomics.org/perspectives/blog/global-money-a-work-in-progress
International Dollar Flows
Ayelen Banegas Ruth Judson Charles Sims Viktors Stebunovs
International Finance Discussion Papers
Board of Governors of the Federal Reserve System
Number 1144 September 2015
Global financial flows
How do shocks between countries transmit through financial linkages and financial flows? Sebnem Kalemli-Ozcan discusses how global financial flows affect domestic markets. This video was recorded at the American Economic Association in Chicago in January 2017.
https://voxeu.org/content/global-financial-flows
Mapping Capital Flows Into the U.S. Over the Last Thirty Years
Up until 2014, the growth in central bank dollar reserves closely mapped to the increase in U.S. net external debt. The past few years have been different: for the first time in a long time, yield-starved private investors in Europe and Japan, not emerging market reserve managers, financed the United States’ external deficit.
Blog Post by Brad W. Setser
February 16, 2018
CFR
https://www.cfr.org/blog/mapping-capital-flows-us-over-last-thirty-years
The global capital flows cycle: structural drivers and transmission channels
No 2280 / May 2019
Maurizio Michael Habib, Fabrizio Venditti
ECB
Capital Flows
IMF
https://capitalflows.elibrary.imf.org/?redirect=true
Capital Inflows, Credit Growth, and Financial Systems
Deniz Igan and Zhibo Tan
IMF
2015
Cross-border Capital Flows since the Global Financial Crisis
Elliott James, Kate McLoughlin and Ewan Rankin
2014 Reserve Bank of Australia
Global Drivers of Gross and Net Capital Flows
J. Scott Davis, Giorgio Valente and Eric van Wincoop
FED Reserve Dallas 2019
Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015†
Carmen M. Reinhart, Vincent Reinhart, and Christoph Trebesch*
American Economic Review: Papers & Proceedings 2016, 106(5): 574–580
Varieties of Capital Flows: What Do We Know?
Eduardo Levy Yeyati* Jimena Zúñiga** * Harvard University and Universidad Torcuato Di Tella ** Universidad Torcuato Di Tella
April 2016 Copyright © Inter-American Development Bank.
Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
Antonio Coppola Matteo Maggiori Brent Neiman Jesse Schreger
February 2020
Global Collateral and Capital Flows
Ana Fostel John Geanakoplos Gregory Phelan∗
February 2019
How does international capital flow?
Michael Kumhof, Phurichai Rungcharoenkitkul and Andrej Sokol
November 2020
https://www.bankofengland.co.uk/working-paper/2020/how-does-international-capital-flow
Financial globalization: Retreat or reset?
McKinsey 2013
The new dynamics of financial globalization
August 22, 2017 | Report
McKinsey Global Institute
FINANCIAL FLOWS AND THE INTERNATIONAL MONETARY SYSTEM
Evgenia Passari Hélène Rey
2015
International capital flows:
Structural reforms and experience with the OECD Code of Liberalisation of Capital Movements
Report from the OECD to the G20 Sub-Group on Capital Flow Management
Composition of International Capital Flows: A Survey
Koralai Kirabaeva1 and Assaf Razin2
Bank of Canada
International Flow of Funds
J. Gaspar: Adapted from Jeff Madura International Financial Management
(Balance of Payments)
Understanding Flow of Funds Accounting
Cullen Roche –
GLOBAL LIQUIDITY: MEASUREMENT AND FINANCIAL STABILITY IMPLICATIONS
ECB
Understanding Global Liquidity
by Sandra Eickmeier, Leonardo Gambacorta and Boris Hofmann
Monetary and Economic Department February 2013
BIS
U.S. Banks and Global Liquidity∗
Ricardo Correa † Wenxin Du ‡ Gordon Liao §
First Draft: December 2019 This Draft: June 2020
Federal Reserve
https://www.nber.org/papers/w27491
The Shifting Drivers of Global Liquidity
Stefan Avdjiev Leonardo Gambacorta Linda S. Goldberg Stefano Schiaffi
Staff Report No. 819 June 2017 Revised August 2019
FRBNY
Global Liquidity through the Lens of Monetary Aggregates
Kyuil Chung, Jong-Eun Lee, Elena Loukoianova, Hail Park, and Hyun Song Shin
IMF
The Second Phase of Global Liquidity and Its Impact on Emerging Economies
Hyun Song Shin
Commentary: Global Liquidity: Public and Private
Claudio Borio
A primer on ‘global liquidity’
Eugenio Cerutti, Stijn Claessens, Lev Ratnovski 08 June 2014
VOX EU
https://voxeu.org/article/primer-global-liquidity
Capital Wars: The Rise of Global Liquidity
| Book 2020 Michael J. Howell |
https://www.palgrave.com/gp/book/9783030392871
Assessing global liquidity
December 2011
BIS
https://www.researchgate.net/publication/227370415_Assessing_global_liquidity
The Second Wave of Global Liquidity: Why Are Firms Acting Like Financial Intermediaries?
Caballero, Julián; Panizza, Ugo; Powell, Andrew
May 2016
IADB
Global Liquidity: Public and Private
Jean-Pierre Landau
Cross-border banking and global liquidity
by Valentina Bruno and Hyun Song Shin
Monetary and Economic Department August 2014
The Global US Dollar Liquidity Cycle
MacroBond
https://www.macrobond.com/posts/the-global-us-dollar-liquidity-cycle/
The Global Liquidity Safety Net: Institutional Cooperation on Precautionary Facilities and Central Bank Swaps
New Thinking and the New G20 Series Paper No. 5
Series: New Thinking and the New G20
March 20, 2015
CIGI
Breaking free of the triple coincidence in international finance
Published in: Economic Policy, 2016.BIS Working Papers | No 524 | 20 October 2015
by Stefan Avdjiev, Robert N McCauley and Hyun Song Shin
https://www.bis.org/publ/work524.htm
Accounting for global liquidity: reloading the matrix
Hyun Song Shin
Economic Adviser and Head of Research
IMF-IBRN Joint Conference “Transmission of macroprudential and monetary policies across borders” Washington DC, 19 April 2017
Capital Flows and the Risk-Taking Channel of Monetary Policy
by Valentina Bruno and Hyun Song Shin Monetary and Economic Department
December 2012
TRIFFIN: DILEMMA OR MYTH?
Michael D. Bordo Robert N. McCauley
Working Paper 24195 http://www.nber.org/papers/w24195
2018
The evolution of the Offshore US-Dollar System: past, present and four possible futures
Journal of Institutional Economics, Volume 16, Issue 6
December 2020 , pp. 767-783
Steffen Murau (a1)Joe Rini (a2)Armin Haas (a2)
Globalization and Financial Stability
Published: November 2, 2017
Remarks of Richard Berner, Director, Office of Financial Research, at the IMF 18TH Jacques Polak Annual Research Conference on The Global Financial Cycle, November 2, 2017, Washington, D.C.
The EuroZone “Debt” Crisis:
Another “Center” – “Periphery” Crisis Under Financial Globalization?
Arturo O’Connell* Working Paper No. 51
The EuroZone “Debt” Crisis:
Another “Center” – “Periphery” Crisis Under Financial Globalization?
Arturo O’Connell* Working Paper No. 51
November 2016
Rethinking International Macroeconomic Policy∗
Gita Gopinath Harvard and NBER
October 25, 2017
Comments on “The Once and Future Global Imbalances? Interpreting the Post-Crisis Record” by Menzie D. Chinn
Maurice Obstfeld
2017
https://www.kansascityfed.org/~/media/files/publicat/sympos/2017/obstfeld-remarks.pdf?la=en
The International Monetary and Financial System∗
Pierre-Olivier Gourinchas† H ́el`ene Rey‡ Maxime Sauzet§
UC Berkeley London Business School UC Berkeley April 18, 2019
Gross capital flows and the balance-of-payments: a balance sheet perspective
Karsten Kohler
October 2020
Post Keynesian.net
The global role of the US dollar and its consequences
Fernando Eguren Martin, Mayukh Mukhopadhyay and Carlos van Hombeeck of the Bank’s Global Spillovers and Interconnections Division.(1)
Bank of England Quarterly Bulletin
2017 Q4
International capital flows and U.S. interest rates
Francis E.WarnockabcVeronica CacdacWarnockd
2009
https://www.sciencedirect.com/science/article/pii/S0261560609000461
International Capital Flows and U.S. Interest Rates
Francis E. Warnock Veronica Cacdac Warnock
2005
How Excessive Capital Inflows Harm the U.S. Economy
They fuel asset bubbles, increase the trade deficit, unemployment, and debt
The World Times
Medium.com
Capital Inflows and the U.S. Housing Boom
First published: 29 March 2015
Journal of Money Credit and Banking
https://onlinelibrary.wiley.com/doi/pdf/10.1111/jmcb.12200
Viewing the Current Account Deficit as a Capital Inflow
Matthew Higgins and Thomas Klitgaard
1998
FRBNY
Capital Flows and International Financial Architecture
May 6, 2019 | Last updated: June 13, 2019
Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses
Committee on International Economic Policy and Reform
Sep 2012 Brookings
Conceptualising the Role of International Capital Flows for Housing Markets
By Michael Richter, Johannes-Gabriel Werner
Volume 51, 2016 · Number 3 · pp. 146–154
Intereconomics
Review of European Economic Policy
On Capital Inflows, Liquidity and Bubbles
Guillermo Calvo1
Columbia University
The risks of large capital inflows
2015 WCEG
Large Capital Inflows, Sectoral Allocation, and Economic Performance
Gianluca Benigno, Nathan Converse, and Luca Fornaro
Fed Reserve 2015
America First? A US-centric View of Global Capital Flows
ECB Working Paper No. 2238 (2019);
36 Pages Posted: 14 Feb 2019
European Central Bank (ECB)
European Central Bank (ECB)
Date Written: February 13, 2019
Does the Current Account Still Matter?
2012
https://www.nber.org/papers/w17877
2014 Stock Flow Consistent Modeling Workshop
Website of Prof. N Zhang
http://ns1.shudo-u.ac.jp/~zhang/Research.htm
Flow of Funds Analysis
Innovation and Development
Authors: Zhang, Nan
Book Springer
https://www.springer.com/jp/book/9789811577192
Flow-of-funds Analysis: A Handbook for Practitioners
Published 1996
Re-examination of the Theoretical Model for Global-Flow-of-Funds Analysis*
Nan Zhang**
(Received on October 31, 2008)
International Capital Flows: Private versus Public
Yun Jung Kim
Jing Zhang
February 4, 2020
IMF·OAP-PRI Economics Workshop
https://www.slideserve.com/html5point/slideshow.php?vid=4451064Download
The Composition of the Global Flow of Funds in East Asia
Nan Zhang
Faculty of Economic Sciences, Hiroshima Shudo University,
Hiroshima, 731-3159 Japan
Inter-industry analysis in the Korean flow-of-funds accounts,
Kim, Jiyoung (2017) :
Journal of Economic Structures, ISSN 2193-2409, Springer, Heidelberg, Vol. 6, Iss. 25, pp. 1-27,
Measuring Global Flow of Funds and Integrating Real and Financial Accounts
Nan Zhang (Stanford University)
Mapping the Shadow Banking System Through a Global Flow of Funds Analysis
Luca Errico ; Artak Harutyunyan ; Elena Loukoianova ;Richard Walton ; Yevgeniya Korniyenko ; Goran Amidžic; Hanan AbuShanab ; Hyun S Shin
January 24, 2014
The U.S. Flow of Funds Accounts and Their Uses
Fed Reserve
Global-Flow-of-Funds Analysis in a Theoretical Model -What Happened in China’s External Flow of Funds –
Nan Zhang
Big Data Techniques for Measuring Global Flow of Funds*
Nan Zhang
Toward the Development of Sectoral Financial Positions and Flows in a From-Whom-to-Whom Framework
2014
Simultaneous-Equations Model for Global-Flow-Funds Analysis
Nan Zhang
Foundations of Balance Sheet Economics
Kazusuke Tsujimura and Masako Tsujimura
2012 IARIW
What Happened in China’s External Flow of Funds?
–Global-Flow-of-Funds Analysis in a Theoretical Model– (Discussion paper)
Nan Zhang
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
IMF 2012
How to Become a Big Player In the Global Capital Market – A Flow-of-Funds Approach –
Kazusuke TsujimuraMasako Mizoshita
March 2003 Ver. 1.0
KEO DISCUSSION PAPER No.84
https://core.ac.uk/reader/56669440
European Financial Integration in the Perspective of Global Flow of Funds
Kazusuke Tsujimura
Masako Mizoshita
June 6. 2002 Ver. 1.1
KEO DISCUSSION PAPERNo.72
https://core.ac.uk/reader/56669410
Compilation and Application of Asset-Liability Matrices:
A Flow-of-Funds Analysis of the Japanese Economy 1954-1999
Kazusuke Tsujimura Masako Mizoshita
November 3, 2004 ver.1.1 October 15, 2004 ver.1.0
Copeland’s Money-Flows Accounts and The Presentation Format of National Accounts
Kazusuke Tsujimura and Masako Tsujimura
2010 IARIW
Flow-of-Funds Based National Accounting: An Experimental Application to the U.S. Economy
Kazusuke Tsujimura (Keio University) and Masako Tsujimura (Rissho University)
2016 IARIW
A FINANCIAL MACROECONOMETRIC MODEL OF THE UNITED STATES
1977-2002
Shigeru Nishiyama*
Journal of Applied Input-Output Analysis, Vol. 13 & 14, 2008
Quantitative Evaluation of Foreign Exchange Intervention and Sterilization in Japan ―A Flow-of-Funds Approach―
Kazusuke Tsujimura
April 04, 2004 March 21, 2005
Masako Mizoshita
ver.1.0 ver.2.0
Central and Commercial Bank Balance Sheet Risk Before, During, and after the Global Financial Crisis
55 Pages Posted: 26 Mar 2015
International Monetary Fund (IMF)
Date Written: February 2015
Financial deglobalisation in banking?
by Robert N McCauley, Agustín S Bénétrix, Patrick M McGuire and Goetz von Peter
Monetary and Economic Department June 2017
BIS
Viewpoints which Matter 
4 thoughts on “Global Flow of Funds: Statistical Data Matrix across National Boundaries”