An analysis of the evolution of global financial network of the coordinated portfolio investment survey

Sang Jin Ahn, Jae Woong Jung, Hyeng Keun Koo and Seryoong Ahn

International Review of Finance, 2023, vol. 23, issue 2, 437-459

Abstract: In this study, we construct a directional global financial network using portfolio investment data from more than 200 countries during the first two decades of the 21st century and analyze the properties of the network. Through macroscopic analysis, we show that the network became denser and could be divided into central and peripheral groups. Microscopic analysis shows that, in addition to well‐known financial‐central countries, relatively less well‐known countries played important roles in the global financial network. Further, each country's per capita GDP is positively correlated with its centrality in the network, and the correlation is stronger when measured with inbound investments than when measured with outbound investments.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bla:irvfin:v:23:y:2023:i:2:p:437-459

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