摘要：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 counterparties. My empirical results underline
the impact of currency union on financial integration and support the notion
that financial regionalization is the leading force underlying financial
globalization.
