For some countries, it is now also possible to examine security-level data that provides a more granular insight into the trading of individual assets, with the evidence suggesting that different investor types respond differently to asset price fluctuations (Timmer 2018, Bergant and Schmitz 2018a, 2018b).
A further step in making cross-border financial data more useful is to establish the currency exposures embedded in these positions. This is a fundamental issue since the response of an economy to exchange rate movements depends on its net foreign currency exposure.