At the core of the international financial system
This paper oÃ‚Â¬Ã‚Â¨Ã¢Ë†Å¡ÃƒÂ¼ers 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 Ã¢â‚¬Å¡ÃƒÂ ÃƒÂ¶Ã¢Ë†Å¡Ã‚Â±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 identiÃ¢â‚¬Å¡ÃƒÂ ÃƒÂ¶Ã¢Ë†Å¡Ã‚Â±ed as the set of systemically- important international Ã¢â‚¬Å¡ÃƒÂ ÃƒÂ¶Ã¢Ë†Å¡Ã‚Â±nancial centers - is rather small and remains stable over time. In addition to very large economies playing host to well-known global Ã¢â‚¬Å¡ÃƒÂ ÃƒÂ¶Ã¢Ë†Å¡Ã‚Â±nancial centers, the core comprises several oÃ‚Â¬Ã‚Â¨Ã¢Ë†Å¡ÃƒÂ¼-shore Ã¢â‚¬Å¡ÃƒÂ ÃƒÂ¶Ã¢Ë†Å¡Ã‚Â±nancial markets.
|Date of creation:||2013|
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- Claessens, Stijn & Kingebiel, Daniela & Schmukler, Sergio L., 2002.
"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres,"
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- Andrew P. Morriss, 2010. "Offshore Financial Centers and Regulatory Competition," Books, American Enterprise Institute, number 50375.
- Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004," Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
- Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004," CEPR Discussion Papers 5644, C.E.P.R. Discussion Papers.
- Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004," The Institute for International Integration Studies Discussion Paper Series iiisdp126, IIIS.
- Philip R. Lane & Gian M Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II; Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004," IMF Working Papers 06/69, International Monetary Fund.
- Sheri M. Markose, 2012. "Systemic Risk from Global Financial Derivatives; A Network Analysis of Contagion and Its Mitigation with Super-Spreader Tax," IMF Working Papers 12/282, International Monetary Fund.
- repec:aei:rpbook:24894 is not listed on IDEAS Full references (including those not matched with items on IDEAS)
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