pp 1–16 | Cite as

Brexit, the City of London, and the prospects for portfolio investment

  • Barry EichengreenEmail author
  • William Jungerman
  • Mingyang Liu
Original Paper


This paper examines the international financial consequences of Brexit. It first provides a survey of the still limited literature on EU membership and international capital flows. It then provides new estimates of the impact of Brexit on cross-border investment utilizing data from the IMF’s Consolidated Portfolio Investment Survey. It lastly provides a comparative analysis of these same issues using data on crossborder capital flows from the BIS. The conclusion is that the impact on cross-border capital flows to and from the UK is likely to be substantial.


Brexit International capital flows City of London Portfolio investment 



University of California, Berkeley; University of Minnesota; and University of Southern California, respectively. Eichengreen thanks the Bank of England, where some of this research was undertaken, for its hospitality.


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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  • Barry Eichengreen
    • 1
    Email author
  • William Jungerman
    • 2
  • Mingyang Liu
    • 3
  1. 1.Department of EconomicsUniversity of CaliforniaBerkeleyUSA
  2. 2.Department of EconomicsUniversity of MinnesotaSt. PaulUSA
  3. 3.Department of EconomicsUniversity of Southern CaliforniaLos AngelesUSA

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