Fig. 1

Global financial networks. Schematic representations of the networks that we construct using IMF data. In all networks, nodes represent countries and edges encode cross-country financial assets. The multiplex network has three layers, which correspond to three types of assets: equity (layer 1), debt (layer 2), and banking loans and deposits (layer 3). The multiplex network has no interlayer edges, so it is an edge-colored multigraph