Mapping Cross-Border Financial Linkages - A Supporting Case for Global Financial Safety Nets
June 1, 2011
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This paper maps cross-border financial linkages and identifies factors that drive them, contributing to the discussion on the appropriate design of a global financial safety net (GFSN). It builds on previous staff work and complements the findings of the companion paper on the <a href="/external/np/pp/eng/2011/053111.pdf">Analytics of Systemic Crises and the Role of Global Financial Safety Nets</a>. This paper notes the growing roles of financial linkages and complexity in injecting latent instability into the global financial system, underscoring the value of a GFSN design that is effective in forestalling the risk that a localized liquidity shock propagates through the global financial network turning into a large-scale systemic crisis.
Subject: Capital inflows, Cross country analysis, Developed countries, Emerging markets, External shocks, Financial crisis, Financial risk, Financial safety nets, Global Financial Crisis 2008-2009, International financial system, Risk management
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