Abstract
This paper uses a dataset on bilateral capital flows to construct a financial centrality measure for 64 advanced and emerging economies from 2000 to 2016 to capture an economy’s importance within the global financial flows network. The results underscore the varying significance of global and domestic factors in explaining an economy’s financial centrality as well as its likelihood of becoming a financial centre. The significance of global credit and domestic financial depth suggests the importance of financial regulation and supervision alongside financial deepening and development in safeguarding financial stability of financial centres.
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