Open Economies Review

, Volume 29, Issue 3, pp 665–685 | Cite as

International Investment Patterns: the Case of German Sectors

  • Vahagn Galstyan
  • Adnan Velic
Research Article


In this paper we exploit the newly augmented Coordinated Portfolio Investment Survey data of the IMF to study the cross-border inter-sectoral portfolio asset holdings of Germany. Our analysis reveals a significant degree of heterogeneity in the international asset positions of various German holding entities. The findings of our study also suggest differential relations between portfolio holdings and a set of “gravity-style” factors across holder-issuer pairings of various sectors. We conclude that aggregate-level patterns in international portfolio holdings may not persist in inter-sectoral data.


International portfolios Sectoral holdings Gravity 

JEL Classification

F30 F41 G15 

Supplementary material

11079_2018_9483_MOESM1_ESM.pdf (230 kb)
(PDF 230 KB)


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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Trinity College DublinDublinIreland
  2. 2.Dublin Institute of TechnologyDublinIreland

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