[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-559487-105":53,"doc-detail-559487-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","euro-area-cross-border-financial-flows-and-the-global-financial-crisis-occasional-paper-no-126-july-2011","Euro Area - Cross-Border Financial Flows and the Global Financial Crisis - Occasional Paper No 126 - July 2011","","This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing developments during the crisis with the main pre-crisis trends. It highlights two turmoil features: sizeable private-sector deleveraging from 2008 and major shifts in the composition of portfolio flows toward debt, shorter maturities, and public sector instruments. Since 2009 trends have reversed, yet flows remain far below pre-crisis levels, with implications for growth prospects and financial stability.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/euro-area-cross-border-financial-flows-and-the-global-financial-crisis-occasional-paper-no-126-july-2011/559487/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/euro-area-cross-border-financial-flows-and-the-global-financial-crisis-occasional-paper-no-126-july-2011/559487.png","ImageObject",442,249,{"name":88,"@type":89},"วิน","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-30","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the main focus of the paper?","Question",{"text":108,"@type":109},"The paper examines how the global financial crisis affected euro area cross-border financial flows by comparing crisis-period developments with pre-crisis trends.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What key features defined the period of turmoil?",{"text":113,"@type":109},"The paper identifies private-sector deleveraging from 2008 and significant changes in the composition of cross-border portfolio flows toward debt, shorter-term debt, and public sector securities.",{"name":115,"@type":106,"acceptedAnswer":116},"Have cross-border capital flow trends fully recovered since 2009?",{"text":117,"@type":109},"No. Although trends started reversing after 2009, restructuring by financial and non-financial corporations kept cross-border financial flows well below pre-crisis levels.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},559487,1792672338,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":73,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":25},2336475104736,"https://ap-avatar.wpscdn.com/avatar/22000c4c5e0e5b17e70?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786591360781797222","OCCASIONAL PAPER SERIES  \nNO 126 / JULY 2011  \nEURO AREA  \nCROSS-BORDER  \nFINANCIAL FLOWS  \nAND THE GLOBAL FINANCIAL CRISIS  \nby Katrin Forster, Melina Vasardani and Michele Ca’ Zorzi  \nIn 2011 all ECB publications feature a motif taken from the €100 banknote.  \nOCCASIONAL PAPER SERIES  \nNO 126 / JULY 2011  \nEURO AREA CROSS-BORDER  \nFINANCIAL FLOWS AND THE GLOBAL FINANCIAL CRISIS 1  \nby Katrin Forster, Melina Vasardani and Michele Ca’ Zorzi  \nNOTE: This Occasional Paper should not be reported as representing the views of the European Central Bank (ECB) . The views expressed are those of the authors and do not necessarily reflect those of the ECB.  \nThis paper can be downloaded without charge from [http://www.ecb.europa.eu](http://www.ecb.europa.eu) or from the Social Science  \nResearch Network electronic library at [http://ssrn.com/abstract_id=1791529](http://ssrn.com/abstract_id=1791529) .  \n1 Comments and suggestions from Hans-Joachim Klöckers, Filippo di Mauro, Philipp Rother, Annalisa Ferrando, Roberto De Santis, Philip Hill and Pavlos Petroulas, as well as an anonymous referee, are gratefully acknowledged. Ricardo Pereira provided excellent research assistance.  \n© European Central Bank, 2011  \nAddress  \nKaiserstrasse 29  \n60311 Frankfurt am Main, Germany  \nPostal address  \nPostfach 16 03 19  \n60066 Frankfurt am Main, Germany  \nTelephone  \n+49 69 1344 0  \nInternet  \n[http://www.ecb.europa.eu](http://www.ecb.europa.eu)  \nFax  \n+49 69 1344 6000  \nAll rights reserved.  \nAny reproduction, publication andreprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the authors.  \nInformation on all of the papers published in the ECB Occasional Paper Series can be found on the ECB’s website, [http://www.ecb.europa.eu/pub/](http://www.ecb.europa.eu/pub/)[ ](http://www.ecb.europa.eu/pub/)[scientific/ops/date/html/index.en.html.](scientific/ops/date/html/index.en.html.)[ ](scientific/ops/date/html/index.en.html.)Unless otherwise indicated, hard copies can be obtained or subscribed to free of charge, stock permitting, by contacting info@ecb.europa.eu  \nISSN 1607-1484 (print)  \nISSN 1725-6534 (online)  \nCONTENTS  \nABSTRACT 4  \nNON-TECHNICAL SUMMARY 5  \n1 INTRODUCTION 7  \n2 THE INCREASING ROLE  \nOF CROSS-BORDER FINANCIAL FLOWS 8  \n2.1 Global financial liberalisation and innovation 8  \n2.2 Benefits and costs  \nof international financial integration 10  \n3 THE FINANCIAL CRISIS AND EURO AREACROSS-BORDER FINANCIAL FLOWS 13  \n3.1 Main trends prior to the crisis 13  \n3.2 The impact of the crisis 18  \n3.3 The aftermath of the crisis and recent developments 27  \n3.4 International investment position 31  \n3.5 Summary and future prospects 33  \n4 POLICY IMPLICATIONS  \nAND CONCLUSIONS 35  \nANNEX 38  \nREFERENCES 39  \nECB  \nOccasional Paper No 126  \nJuly 2011  \n 3  \nCONTENTS  \n4   \nABSTRACT  \nThis paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external financial exposures by the private sector and, in particular, the banking sector from 2008 and (ii) the significant changes in the composition of euro area cross-border portfolio flows, as investors shifted from equity to debt instruments, from long-term to short-term debt instruments and from private to public sector securities. Since 2009 such trends have started reversing. However, as balance sheet restructuring by financial and non-financial corporations continues, cross-border financial flows have remained well below pre-crisis levels. The degree of resumption and volatility of crossborder financial activity may have a major bearing on growth prospects for the euro area and may also matter from a financial stability perspective. We argue that the recent experience,first of extraordinary gr","cbCaia0gfBnea0xn","https://ap.wps.com/l/cbCaia0gfBnea0xn","pdf",1695710,44,"English","# Abstract\n# Non-Technical Summary\n# 1 Introduction\n# 2 The Increasing Role of Cross-Border Financial Flows\n## 2.1 Global financial liberalisation and innovation\n## 2.2 Benefits and costs of international financial integration\n# 3 The Financial Crisis and Euro Area Cross-Border Financial Flows\n## 3.1 Main trends prior to the crisis\n## 3.2 The impact of the crisis\n## 3.3 The aftermath of the crisis and recent developments\n## 3.4 International investment position\n## 3.5 Summary and future prospects\n# 4 Policy Implications and Conclusions\n# Annex\n# References","[{\"question\":\"What is the main focus of the paper?\",\"answer\":\"The paper examines how the global financial crisis affected euro area cross-border financial flows by comparing crisis-period developments with pre-crisis trends.\"},{\"question\":\"What key features defined the period of turmoil?\",\"answer\":\"The paper identifies private-sector deleveraging from 2008 and significant changes in the composition of cross-border portfolio flows toward debt, shorter-term debt, and public sector securities.\"},{\"question\":\"Have cross-border capital flow trends fully recovered since 2009?\",\"answer\":\"No. Although trends started reversing after 2009, restructuring by financial and non-financial corporations kept cross-border financial flows well below pre-crisis levels.\"}]","Euro Area - Cross-Border Financial Flows and the Global Financial Crisis - Occasional Paper No 126 - July 2011 | PDF",1791800669]