After declining over two consecutive years, non-residents’ equity holdings in French CAC 40 companies increased in 2009 to 42.3%, having dipped to 40.2% in 2008, and thus returned to a level close to that of 2002 (42.5%).

At end-2008, non-residents held 39.2% of the market capitalisation of French CAC 40 companies. The holding rate fell for the second consecutive year and was down by two percentage points compared with end-2007.

At 31 December 2012, 46.3% of the equity capital of French CAC 40 companies was held by non-residents. Non-resident holdings rose by 2.2 percentage points compared with 2011. For the second consecutive year, foreign capital investments in these companies were the main factor behind the rise in...

At end-2011, non-residents held 43,3% of the market capitalisation of French CAC 40 companies. Their holding rate rose slightly in 2011 on account of non-residents’ net purchases; it has fl uctuated between 41% and 44% since 2007.

In 2013, non-resident ownership of shares in French CAC 40 companies grew at a slower pace than in the two previous years. At the end of the year, however, more than half of the French companies in the index were majority-owned by non-residents.

During the 20th century all economic structures underwent the impact of two epochal phenomena, the communications revolution and the financialization of economy. As a consequence of the never ending technological progress, the first has repeatedly reduced the friction of distance, provoking a...

Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial...

The analysis of international investment position and balance of payments statistics suggests that foreign assets held abroad are greatly underestimated. This paper has three main goals. First, it examines the role played by tax havens in tax evasion. Second, it estimates unreported capital to...

Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better...