研究実績の概要 |
This study measures global financial stability by constructing a global flow of funds (GFF) matrix model based on its inherent market mechanisms. We discuss the basic concept of GFF, integrate the data sources, establish a GFF statistical matrix, which can be used to evaluate the financial risks and influences among its members, and estimate bilateral exposures between countries for three different financial instruments within and across the G20 economies. Then, we use financial network analysis to construct the financial relationships between countries. Moreover, we employ the network theory to discuss an analytical method for the GFF and use countries in the G20 as the research sample to discuss the network centrality, mutual relationships. Then connect the GFF matrix with the sectoral account data and the flow of funds to establish the sectoral from-whom-to-whom financial stock matrix (FFSM). The FFSM focuses on counterparty national and cross-border exposures of the sectors in China, Japan, and the United States to construct country-specific financial networks and connect each country-level network based on cross-border exposures. The analytical results systematically show the financial relationships among G20 countries in the GFF, the characteristics of overseas investment among China, Japan, and the United States, and external shocks and internal influences.
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