At the core of the international financial system
AbstractThis paper o¤ers additional evidence on the structure of the international financial network as emerging from the Coordinated Portfolio Investment Survey (CPIS) dataset collected by the IMF. Making use of blockmodeling techniques which allow us to …t a given community partition to real data, we show that the system is characterized by the presence of a particular type of meso-scale structure known as core-periphery, in which a densely connected subset of nodes (core) coexists with a sparsely connected partition (periphery), while the members of the core act as intermediaries between members of the periphery. The composition of the core - whose constituents are identi…ed as the set of systemically- important international …nancial centers - is rather small and remains stable over time. In addition to very large economies playing host to well-known global …nancial centers, the core comprises several o¤-shore …nancial markets.
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Bibliographic InfoPaper provided by Department of Economics and Management in its series DEM Discussion Papers with number 2013/05.
Date of creation: 2013
Date of revision:
International financial system; intermediation; network analysis;
Find related papers by JEL classification:
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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