تعاملات جریان های نمونه کارها بین المللی: یک مطالعه تجربی بر اساس تجزیه و تحلیل شبکه

As the progress of economic globalization and financial integration, the interconnectedness among different economies has been increasingly strong since the 1990s. International portfolio flows are one of the most important channels for this linkage. In this research, we innovatively employ network analysis to investigate the interactions of international portfolio flows among countries. Employing the data for 55 countries from 1990Q1 to 2015Q4, we construct an International Portfolio Correlation Network and come to the following conclusions. First, large-scale emerging economies have significant correlation with other countries, such as Malaysia, India, Poland, Turkey and South Africa, whereas developed countries tend to play a role of correlation intermediaries, including Canada, Japan, France and New Zealand. These countries are systematically important countries in network and should be closely watched. Second, international portfolio correlation network has been more tightly connected after the Global Financial Crisis. Large-scale emerging markets become more and more important in the network due to their continuing opening and liberalization reform.