 At the core of the international financial systemValentina Feroldi and Edoardo Gaffeo No 2013/05, DEM Discussion Papers from Department of Economics and Management Abstract: 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. Keywords: International financial system; intermediation; network analysis (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:trn:utwpem:2013/05 Access Statistics for this paper More papers in DEM Discussion Papers from Department of Economics and Management Contact information at EDIRC. |
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