Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment in debt and equity, foreign direct investment, and...

The paper makes two main contributions. First, it analyzes net foreign assets and liabilities in selected Arab countries over the past two decades, emphasizing the relative significance of direct versus portfolio investment. It distinguishes between foreign direct investment, portfolio equity...

The co-dependence between assets tends to increase when the market declines. This paper develops a correlation measure focusing on market declines using the expected shortfall (ES), referred to as the ES-implied correlation, to improve the existing value at risk (VaR)-implied correlation....