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Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment in debt and equity, foreign direct investment, and international reserves. The main finding is that global financial integration with and especially within the South (countries outside the G7 and Western Europe) has grown faster than within the North. By 2018, the South accounted for 24 to 40 percent of international loans and deposits, portfolio investment, and foreign direct investment, an increase of roughly 10 percentage points since 2001. The growing importance of the South is reflected in the intensive and extensive margins, with fast growth in the number of bilateral links. Although China weighs heavily in these trends, international investment in the rest of the South has increased to a similar extent.

Capital Flows --- Capital Markets and Capital Flows --- Emerging Market Economies --- Finance and Financial Sector Development --- Foreign Direct Investment --- International Capital Flows --- International Economics and Trade --- International Financial Integration --- Investment and Investment Climate --- Investment Climate --- Macroeconomics and Economic Growth --- Portfolio Investments

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This paper employs high frequency transactions data on the world's oldest and most extensive centralized peer-to-peer Bitcoin market, which enables trade in the currencies of more than 135 countries. It presents an algorithm that allows, with high probability, the detection of "crypto vehicle transactions" in which crypto currency is used to move capital across borders or facilitate domestic transactions. In contrast to previous work which has used "on-chain" data, this paper's approach enables one to investigate parts of the vastly larger pool of "off-chain" transactions. Finding that, as a conservative lower bound, over 7 percent of the 45 million trades on the exchange we explore represent crypto vehicle transactions in which Bitcoin is used to make payments in fiat currency. Roughly 20 percent of these represent international capital flight/flows/remittances. Although this work cannot be used to put a price on cryptocurrencies, it provides the first systematic quantitative evidence that the transactional use of cryptocurrencies constitutes a fundamental component of their value, at least under the current regulatory regime.

Bitcoin --- Cryptocurrency --- Finance and Development --- Finance and Financial Sector Development --- Financial Regulation and Supervision --- Financial Transactions --- International Capital Flows --- International Economics and Trade --- International Financial Markets --- Speculative Bubbles --- Trade Facilitation --- Trade Finance and Investment

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The author investigates the effects of preferential trade agreements (PTAs) on the net foreign direct investment (FDI) inflows of member countries using a comprehensive database of PTAs in a panel setting. He finds that PTA membership is associated with a positive change in net FDI inflows, and the FDI gains are increasing in the market size of the PTA partners and their proximity to the host country. The author identifies several different channels through which preferential trade liberalization may affect FDI, and confirms that both threshold effects (signing the agreement) and market size effects (joining a larger and faster-growing common market) are important determinants of net FDI inflows, although the latter seem to dominate. The estimated relationship is largely driven by North-South PTAs, and is most pronounced in the late 1990s and early 2000s, the period when the majority of "deep integration" PTAs had been advanced.

Barriers --- Common Market --- Competition --- Currencies and Exchange Rates --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Exchange --- Finance and Financial Sector Development --- Foreign Direct Investment --- Foreign Investment --- Free Trade --- Harmonization --- Income --- Intellectual Property --- Interest --- International Capital --- International Capital Flows --- International Economics & Trade --- Investment and Investment Climate --- Investment Climate --- Job Creation --- Law and Development --- Liberalization --- Macroeconomics and Economic Growth --- Market Access --- Private Sector Development --- Property Rights --- Public Sector Development --- Regional Trade --- Trade --- Trade and Regional Integration --- Trade Law --- Trade Policy --- World Trade

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The author investigates the effects of preferential trade agreements (PTAs) on the net foreign direct investment (FDI) inflows of member countries using a comprehensive database of PTAs in a panel setting. He finds that PTA membership is associated with a positive change in net FDI inflows, and the FDI gains are increasing in the market size of the PTA partners and their proximity to the host country. The author identifies several different channels through which preferential trade liberalization may affect FDI, and confirms that both threshold effects (signing the agreement) and market size effects (joining a larger and faster-growing common market) are important determinants of net FDI inflows, although the latter seem to dominate. The estimated relationship is largely driven by North-South PTAs, and is most pronounced in the late 1990s and early 2000s, the period when the majority of "deep integration" PTAs had been advanced.

Barriers --- Common Market --- Competition --- Currencies and Exchange Rates --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Exchange --- Finance and Financial Sector Development --- Foreign Direct Investment --- Foreign Investment --- Free Trade --- Harmonization --- Income --- Intellectual Property --- Interest --- International Capital --- International Capital Flows --- International Economics & Trade --- Investment and Investment Climate --- Investment Climate --- Job Creation --- Law and Development --- Liberalization --- Macroeconomics and Economic Growth --- Market Access --- Private Sector Development --- Property Rights --- Public Sector Development --- Regional Trade --- Trade --- Trade and Regional Integration --- Trade Law --- Trade Policy --- World Trade

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The United States in the World Economy offers the results of a conference organized by the National Bureau of Economics in 1987. The volume includes background papers prepared by nine academic economists, personal statements by individuals prominent in government and business, and summaries of the discussion that followed the presentations. Among the topics considered are foreign competition in Latin America and the Asian Pacific Rim, Third World debts, innovations in international financial markets, changing patterns of international investment, international capital flows, a

International economic relations --- United States --- Competition, International --- Investments, American --- Congresses. --- 339.54 (73) --- 333.605 --- 339.113 --- 339.115 --- 380.23 --- 382.242.0 --- 382.50 --- AA / International- internationaal --- NBB congres --- Papers presented at a conference held in March 1987. --- US / United States of America - USA - Verenigde Staten - Etats Unis --- -Competition, International --- -337.73 --- Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel--Verenigde Staten van Amerika. VSA. USA --- Nieuwe financiële instrumenten. --- Buitenlandse investeringen. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen. --- Balans van het kapitaalverkeer: algemeenheden. --- Internationale handelsbetrekkingen: algemeenheden. --- Congresses --- Commercial policy --- -Congresses. --- Foreign economic relations --- International competition --- World economics --- International relations --- International trade --- War --- American investments --- 339.54 (73) Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel--Verenigde Staten van Amerika. VSA. USA --- Economic aspects --- 337.73 --- Papers presented at a conference held in March 1987 --- Nieuwe financiële instrumenten --- Buitenlandse investeringen --- Buitenlandse schuld. Debt Equity Swap in LDC --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen --- Balans van het kapitaalverkeer: algemeenheden --- Internationale handelsbetrekkingen: algemeenheden --- U.S.A. --- Jungtinės Amerikos valstybės --- Soedinennye Shtaty Si︠e︡vernoĭ Ameriki --- Soedinennye Shtaty Severnoĭ Ameriki --- Si︠e︡vero-Amerikanskīe Soedinennye Shtaty --- Severo-Amerikanskie Soedinennye Shtaty --- Zlucheni Derz︠h︡avy --- USA --- US --- Arhab --- Ar. ha-B. --- Artsot ha-Berit --- ولايات المتحدة الامريكية --- Wilāyāt al-Muttaḥidah al-Amirīkīyah --- ABSh --- Amerika Birlăshmish Shtatlary --- ABŞ --- Amerika Birlăşmi Ştatları --- Forente stater --- Spojené staty americké --- Severo-Amerikanskie Shtaty --- Sjedinjene Američke Države --- Zʹi︠e︡dnani Derz︠h︡avy Ameryky --- Amerikai Egyesült Államok --- Yhdysvallat --- Verenigde Staten --- Egyesült Államok --- Hiwsisayin Amerikayi Miatsʻeal Tērutʻiwnkʻ --- Estados Unidos de América --- United States of America --- Fareyniḳṭe Shṭaṭn --- Artzois Ha'bris --- Estados Unidos da América do Norte --- SShA --- Soedinennye Shtaty Ameriki --- VSA --- États-Unis d'Amérique --- Vereinigte Staaten von Amerika --- Stati Uniti d'America --- Estados Unidos --- EE.UU. --- Stany Zjednoczone --- ĒPA --- Amerika Qūrama Shtattary --- Amerika Qŭshma Shtatlari --- SAD --- Saharat ʻAmērikā --- Hēnomenai Politeiai Amerikēs --- ZSA --- Mei-kuo --- Meiguo --- Mei guo --- ZDA --- Združene države Amerike --- U.S. --- America (Republic) --- Amirika Carékat --- Verenigde State van Amerika --- VS --- ولايات المتحدة --- Wilāyāt al-Muttaḥidah --- ولايات المتّحدة الأمريكيّة --- Wilāyāt al-Muttaḥidah al-Amrīkīyah --- Estatos Unitos --- Estatos Unitos d'America --- Ètats-Unis d'Amèrica --- Estaos Xuníos d'América --- Estaos Xuníos --- Tetã peteĩ reko Amérikagua --- Istadus Unidus --- Amerika Birlăşmiş Ştatları --- Amerika ka Kelenyalen Jamanaw --- Bí-kok --- Amerika Qushma Shtattary --- AQSh --- Злучаныя Штаты Амерыкі --- Zluchanyi︠a︡ Shtaty Ameryki --- Yunaeted Stet blong Amerika --- Yunaeted Stet --- Vaeinigte Staatn --- Vaeinigte Staatn vo Amerika --- Stadoù-Unanet Amerika --- Sŭedineni amerikanski shtati --- САЩ --- SASht --- Съединените щати --- Sŭedinenite shtati --- Америка (Republic) --- Amerika (Republic) --- Estats Units d'Amèrica --- Америкӑри Пӗрлешӳллӗ Штатсем --- Amerikări Pĕrleshu̇llĕ Shtatsem --- Stati Uniti --- SUA (Stati Uniti d'America) --- Unol Daleithiau America --- Unol Daleithiau --- Amerikas Forenede Stater --- Vereinigte Staaten --- Wááshindoon Bikéyah Ałhidadiidzooígíí --- Zjadnośone staty Ameriki --- Ameerika Ühendriigid --- Ηνωμένες Πολιτείες της Αμερικής --- Hēnōmenes Politeies tēs Amerikēs --- Η.Π.Α. --- Ē.P.A. --- Usono --- Unuiĝintaj Ŝtatoj de Ameriko --- Американь Вейтьсэндявкс Штаттнэ --- Amerikanʹ Veĭtʹsėndi︠a︡vks Shtattnė --- Ameriketako Estatu Batuak --- Feriene Steaten --- Feriene Steaten fan Amearika --- FS --- Stâts Unîts di Americhe --- Stâts Unîts --- Stáit Aontaithe Mheiriceá --- Steatyn Unnaneysit America --- Steatyn Unnaneysit --- S.U.A. --- Na Stàitean Aonaichte --- NSA --- Mî-koet --- 미국 --- Miguk --- Amerikayi Miatsʻyal Nahangner --- Miatsʻyal Nahangner --- Американь Вейтьсэндявкс Штаттнэ --- Spojené obce severoamerické --- États-Unis --- É.-U. --- ÉU --- Investments, American - Congresses --- Competition, International - Congresses --- United States - Commercial policy - Congresses --- United States - Foreign economic relations - Congresses --- agriculture, services, goods, competition, international, capital flows, investment, financial markets, third world, debt, pacific rim, asia, latin america, foreign, underdeveloped countries, aid, economics, finance, economy, government, business, nonfiction, trade, banking, manufacturing, corporations, stocks, borders, taxation, imports, exports.