序第二次世界大战是人类历史上规Recent Crossborder优秀培训书.pptVIP

Statistics Canada ? Statistique Canada Recent Cross-border Financial Activity Working Party on Trade on Goods and Services November 2009 Cross-border financial activity increased in recent years… Increased liberalization of international flows (online brokers, mergers and acquisitions activity) Increased use of new investment vehicles (Asset-backed securities, derivatives) Increased number of participants in the market (small investors, public pension plans) Regulatory changes Increased outward direct investment; increased MA activity Canada’s exposure to foreign financial markets has increased Impact of regulatory changes on foreign investment Canadian holdings of foreign securities: a country perspective Concentration of investment in foreign equities: % Share for selected countries Increased outward FDI activity and geographical diversification $79.8 B. $637.3 B. Less geographical diversification for inward FDI $114.2 B. $504.9 B. Higher Canadian demand for foreign securities: Increased exposure to global financial markets Increased exposure to markets’ volatility Increased exposure to currency fluctuations Increased exposure to financial shocks Higher Canadian direct investment abroad: Increased exposure to foreign economies Summary Recent financial events evidenced by the international accounts program Key issue: Canadian institutional investors’ reactions to deteriorating global credit conditions in 2007 ● Immediate ● Marked ● Sustained Rapid-sustained change in Canadian portfolio investment at outset of global credit concerns Reduction in holdings of foreign debt in response to global credit concerns Holdings of foreign short-term paper reduced drastically in August 2007 Investment in foreign long-term debt instruments also declined Canadians repatriated funds for the first time in 30 years … to invest in relatively safe government of Canada T-bills Foreign demand for T-bills continued in 2