A network analysis on country and financial center attractiveness: Evidence from Asian economies, 2001–2018

Abstract

By using a network analysis that incorporates both quantity and quality assessments, this paper investigates the two factors of country and financial brokerage center for investment attractiveness as the dynamic forces of development among Asian economies. The sample period of 2001–2018 is important for Asian economies as the region experienced the aftermath of the 1997 Asian financial crisis and the devastating 2008 global financial meltdown. The study developed an attractiveness index, investigated its underlying determinants, and diagnosed both country and financial attractiveness, which are then applied to the Asian economies. The empirical findings show that Asia's intra-regional attractiveness can also be used to explain their economic success.