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Ms. Yevgeniya Korniyenko, Manasa Patnam, Rita Maria del Rio-Chanon, and Mason A. Porter

Monetary Fund . Appendix A. Immediate Countries a Affected Due to Shocks Table A.1. Countries and Economies Exposed to and Affected by China Shock in 2015. Country Proportion of China in: Total claims FDI-equity claims 1 American Samoa 99% 99% 2 Samoa 68% 99% 3 Brunei Darussalam 34% 98% 4 Hong Kong SAR 33% 47% 5 Benin 32% 69% 6 China P.R.: Macao 31% 43% 7 Swaziland 25% 44% 8 US Virgin Islands 24

Ms. Yevgeniya Korniyenko, Manasa Patnam, Rita Maria del Rio-Chanona, Mason A. Porter, and Mr. Vikram Haksar

conceptual framework provided by the IMF Global Financial Flows of Funds approach (for details, see Errico and others (2014) ). Missing data and data gaps were filled either by using mirror statistics or national data sources (specifically, Bundesbank and USTIC database). 9 Using this database, we constructed six networks for each year: (i) bilateral foreign direct investments in equity (FDI-equity); (ii) bilateral foreign direct investments in debt (FDI-debt); (iii) bilateral portfolio investments in equity (PI-equity); (iv) bilateral portfolio investments in debt

Jannick Damgaard and Thomas Elkjaer
This paper addresses three types of geographical decoupling in foreign direct investment (FDI), i.e., challenges when using traditional FDI data as a proxy for real economic integration between economies: (i) large bilateral asymmetries between inward and outward FDI, (ii) the role of special purpose entities (SPEs), and (iii) the effect of moving from immediate counterpart to ultimate investing economy (UIE). A unique global FDI network is estimated, where SPEs are removed and FDI positions are broken down by the UIE. Total inward FDI in the new network is reduced by one-third, and financial centers are less dominant.
Ms. Yevgeniya Korniyenko, Manasa Patnam, Rita Maria del Rio-Chanon, and Mason A. Porter
This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.