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Financial Flows Centrality: Empirical Evidence using Bilateral Capital Flows

Author

Listed:
  • Rogelio V. Mercado Jr.

  • Shanty Noviantie

    (South East Asian Central Banks (SEACEN) Research and Training Centre)

Abstract

This paper uses a dataset on bilateral capital flows to construct a financial centrality measure for 64 advanced and emerging economies from 2000-16 to capture an economy’s importance within the global financial flows network. The results highlight the varying significance of network systemic and idiosyncratic factors in explaining financial centrality across different types of investments and residency of investors. Most notably, the findings show that financial centres have deeper and more developed financial system, implying their importance in global financial intermediation.

Suggested Citation

  • Rogelio V. Mercado Jr. & Shanty Noviantie, 2019. "Financial Flows Centrality: Empirical Evidence using Bilateral Capital Flows," Working Papers wp38, South East Asian Central Banks (SEACEN) Research and Training Centre.
    • Handle: RePEc:sea:wpaper:wp38
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    File URL: https://www.seacen.org/publications/RePEc/702001-100461-PDF.pdf
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    Cited by:

    1. Hang Luo & Jianwei Tan, 2024. "The “Butterfly Effect” of Volatility in Net International Capital Flows: An Analysis of Co-Movement Characteristics and Influencing Factors," Sustainability, MDPI, vol. 16(17), pages 1-18, August.
    2. Tao Liu & Xiaosong Wang & Wing Thye Woo, 2024. "Network effect and international currency," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(3), pages 600-626, July.
    3. Afonso, António & Alves, José & Beck, Krzysztof & Jackson, Karen, 2024. "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries," Economic Modelling, Elsevier, vol. 141(C).
    4. Lepers, Etienne & Mercado, Rogelio, 2021. "Sectoral capital flows: Covariates, co-movements, and controls," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).

    More about this item

    Keywords

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    JEL classification:

    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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