Before revision:  In this paper , we employ two networkanalysis methods on the international investment network derived from the IMF Coordinated Portfolio Investment Survey (CPIS) . Via the "error and attack" methodology [1], we show that the CPIS network is of the " robust- yet-fragile " type, similar to a wide variety of evolved networks 1, 2 . In particular, the network is robust to random shocks but very fragile when key financial centers (e. g., the United States and the Cayman Islands) are affected. Using loss-given-default dynamics [ 3 ], "extinction analysis" simulations show that interdependence increased from 2001 to 2007.
After revision:  In this paper , we employ two networkanalysis methods on the international investment network derived from the IMF Coordinated Portfolio Investment Survey (CPIS) . Via the "error and attack" methodology [1], we show that the CPIS network is of the " robust- yet-fragile " type, similar to a wide variety of evolved networks 1, 2 . We compare these results against four common null-models, generated only from first-order statistics of the empirical data. In addition, we suggest a fifth, log-normal model, which generates networks that seem to match the empirical one more closely. Still, this model does not account for several higher order network statistics, which reenforces the added value of the higher-order analysis. Second, using loss-given-default dynamics [ 3 ], "extinction analysis" simulations show that interdependence increased from 2001 to 2007.