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At the core of the international financial system

  • Valentina Feroldi
  • Edoardo Gaffeo

    ()

This 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 Öt 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 identiÖed as the set of systemically- important international Önancial centers - is rather small and remains stable over time. In addition to very large economies playing host to well-known global Önancial centers, the core comprises several o§-shore Önancial markets.

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Paper provided by Department of Economics and Management in its series DEM Discussion Papers with number 2013/05.

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Date of creation: 2013
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Handle: RePEc:trn:utwpem:2013/05
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  1. 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.
  2. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2002. "Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres," CEPR Discussion Papers 3301, C.E.P.R. Discussion Papers.
  3. Kiminori Matsuyama, 2002. "Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations," CIRJE F-Series CIRJE-F-186, CIRJE, Faculty of Economics, University of Tokyo.
  4. Andrew P. Morriss, 2010. "Offshore Financial Centers and Regulatory Competition," Books, American Enterprise Institute, number 50375, 12.
  5. repec:aei:rpbook:24894 is not listed on IDEAS
  6. 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.
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