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Measuring Global Flow of Funds: Dynamics of Portfolio Investment Among G-20 Countries

In: Flow of Funds Analysis

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  • Nan Zhang

    (Hiroshima Shudo University, Faculty of Economic Sciences)

Abstract

This study establish a GFF statistical matrix for the G20, which can be used to evaluate the financial risks and influences among its members, and to estimate bilateral exposures between countries for three different financial instruments within and across the G20 economies. We use a financial network analysis to construct an empirical analysis of financial relationships within the G20, focusing on the effects of a shock to portfolio investments in the United States, China, and Japan. We use who-to-whom (W-to-W) matrices to study the local propagation dynamics of shocks in investment and financing for the three countries. To that aim, we propose a decomposition of shocks into n-order effects on the basis of an “inverse of Leontief” representation of the W-t-W matrices. We further propose an eigenvector decomposition of the effects to provide an analytical description of the propagation process.

Suggested Citation

  • Nan Zhang, 2020. "Measuring Global Flow of Funds: Dynamics of Portfolio Investment Among G-20 Countries," Springer Books, in: Flow of Funds Analysis, chapter 0, pages 323-368, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-7720-8_9
    DOI: 10.1007/978-981-15-7720-8_9
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