期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：We investigate the determinants of bilateral international equity and bond port- folio reallocation across a large cross section of countries over the 1997 to 2001 period. We rst argue that nancial integration is not a global phenomenon, as equity and bond home biases declined signi cantly only among European coun- tries, Australia, New Zealand and Singapore. Then, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent, the bond market; thereby, enhancing regional nancial integration in the euro area. Beside the e¤ect of the EMU, the strongest deter- minants of the changes in portfolio weights are expected diversi cation bene ts and the initial degree of underweight.
关键词：Home bias - Risk diversi cation - International portfolio weights -;EMU
