In the financial development strategy of a country or a region, the progressive logic is from currency internationalization to international currency power then to international financial power. From the perspective of social network analysis, this paper discusses the impact of the status of a country or a region as a financial asset investment issuer and a trade exporter on international financial power. Based on the research results of Heep (2014), this paper uses the entropy method to systematically measure the international financial power of sample countries or regions. The result shows that the international financial power of Chinese mainland is rising in fluctuation. In 2019, the monetary power of Chinese mainland ranks sixth, while the international financial power of Chinese mainland ranks fourth. Furthermore, this paper uses the systematic GMM method to examine the impact of a country or a region as a trade exporter and the status of a country or a region as a financial asset issuer, a stock issuer, an investment fund issuer, a long-term bond issuer or a short-term bond issuer on the country's monetary power. This paper also analyses the relationship between financial investment and trade status and international financial power. Empirical research finds that: firstly, a higher status of a country or a region as a trade exporter or a financial asset issuer will significantly strengthen a country's or a region's monetary power and the increase of the partner quality centrality of long-term bond investment can help strengthen a country's or a region's monetary power. Secondly, the partner quality centrality of trade has a non-linear effect on international financial power. To a certain extent, the improvement of the partner quality centrality of trade can significantly improve a country's or a region's international financial power.
Key words
International Financial Power /
Trade /
Financial Asset Investment /
Network Centrality
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Footnotes
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