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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Bonn Econ Discussion Papers No. 21/2010
Verlag: 
University of Bonn, Bonn Graduate School of Economics (BGSE), Bonn
Zusammenfassung: 
This paper analyzes the relationship between bilateral trade flows, trade openness, and asset holdings in a three-country stochastic general equilibrium model. The threecountry model set-up enables me to disentangle and separate the effects bilateral trade flows and trade openness have on bilateral portfolio patterns. I find that both factors independently influence bilateral asset holdings. Higher bilateral trade as well as higher trade openness lead to a higher bilateral foreign asset position. Furthermore, the two factors show an interaction effect, where increasing trade openness diminishes the influence of bilateral trade flows on asset holdings. I provide supporting empirical evidence for these theoretical findings using a data set on the geographical composition of international portfolio holdings.
Schlagwörter: 
International Portfolio Holdings
Bilateral Trade Flows
Trade Openness
JEL: 
F10
F30
F41
Dokumentart: 
Working Paper

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