Global Bond Portfolios and EMU ∗

  title={Global Bond Portfolios and EMU ∗},
  author={Philip R. Lane},
This paper examines the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. I find considerable support for euroarea bias: EMU member countries disproportionately invest in one another relative to other country pairs. Another striking pattern is the positive connection between trade linkages and financial linkages in explaining asymmetries across EMU member countries in terms of their outward bond investments vis-à-vis external… CONTINUE READING
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