At the Core of the International Financial System

Valentina Feroldi () and Edoardo Gaffeo
Additional contact information
Valentina Feroldi: Department of Economics and Management, University of Trento, Via Inama 5, Trento I-38100, Italy

Global Economy Journal (GEJ), 2014, vol. 14, issue 2, 163-188

Abstract: This paper offers 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 fit 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 identified as the set of systemically important international financial centers – is rather small and remains stable over time. In addition to very large economies playing host to well-known global financial centers, the core comprises several off-shore financial markets.

Keywords: international financial system; intermediation; network analysis (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/abs/10.1515/GEJ-2014-0006
Access to full text is restricted to subscribers

Related works:
Journal Article: At the Core of the International Financial System (2014)
Working Paper: At the core of the international financial system (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:gejxxx:v:14:y:2014:i:02:n:gej-2014-0006

Ordering information: This journal article can be ordered from

DOI: 10.1515/GEJ-2014-0006

Access Statistics for this article

Global Economy Journal (GEJ) is currently edited by Joseph Pelzman

More articles in Global Economy Journal (GEJ) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().