Search Results
Working Paper
\"Fool Me Once . . . \" Did U.S. investors play it safer in the European debt crisis?
This paper examines U.S. investors? portfolio investment patterns since the global financial crisis, particularly since the European debt crisis that began in late 2009. The global financial crisis during 2007-2009 was accompanied by an increase in U.S. investors? home bias. U.S. investors experienced significant valuation losses and pulled back notably from their foreign investment, especially from foreign debt. In contrast, while they have also incurred sizable losses on cross-border investment during the European debt crisis, U.S. investors so far have not shown any increase in home bias, ...
Discussion Paper
Introducing New Valuation Change Data for U.S. Cross-Border Portfolio Holdings
The most comprehensive data on cross-border capital holdings for the United States come from the Treasury International Capital (TIC) System. These data inform the official U.S. balance of payments statistics and are crucial for understanding U.S. capital flows, their causes, and their effects on the U.S. economy.
Discussion Paper
Measuring Cross-Border Securities Positions: Explaining Asymmetries between U.S. Treasury TIC and IMF PIP (formerly CPIS) Data
Understanding the effects of cross-border securities holdings depends critically on accurate data, and two significant data sources in this area are the U.S. Treasury’s Treasury International Capital (TIC) system and the IMF’s Portfolio Investment Positions by Counterpart Economy (PIP, formerly known as CPIS).