文档介绍：Global Bond Portfolios and EMU?Philip R. LaneIIIS and Economics Department, Trinity College Dublin and CEPRThis paper examines the position of interna-tional bond portfolios for the euro area and the individualEMU member countries. I ?nd considerable support for euro-area bias: EMU member countries disproportionately investin one another relative to other country pairs. Another strik-ing pattern is the positive connection between trade linkagesand ?nancial linkages in explaining asymmetries across EMUmember countries in terms of their outward bond investmentsvis-`a-vis external counterparties. My empirical results under-line the impact of currency union on ?nancial integration andsupport the notion that ?nancial regionalization is the leadingforce underlying ?nancial Codes: E42, F41, . IntroductionFinancial globalization is a key force that is reshaping the nature ofthe linkages across the major economic zones in the world dimension of globalization is the rising share of ?nancial assetsand liabilities held by foreign , it is by no meansthe case that the pattern of foreign ownership is uniformly global-ized in the sense that the national identity of investors has ceased tomatter. Rather, the “international investor base” signi?cantly di?ersacross countries and regions, re?ecting variation in both aggregate?I am grateful to the editors, the referees, and Frank Warnock for helpful sug-gestions. This paper was prepared by the author under the Lamfalussy FellowshipProgram sponsored by the European Central Bank. Any views expressed are onlythose of the author and do not necessarily represent the views of the ECB or theEurosystem. I thank Vahagn Galstyan and Agustin rix for excellent researchassistance and the IRCHSS and the HEA-PRTLI grant to the IIIS for ?nancialsupport; e-mail: ******@, for instance, Lane and Milesi-Ferretti (2003).12 International Journal of Central Banking June 2006economic fund