Bindseil, Ulrich; Daskalova, Svetla; Senner, Richard - 2026 - This version: 30 May 2026
We analyse the portfolio-reallocation incentives faced by NIIP-surplus economies under cross-border seizure risk. Assets, such as gold, can be physically imported and held domestically in contrast to financial claims on other jurisdictions. Gold purchases not only reduce the NIIP but can also...