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We investigate the elasticity of portfolio investment of ASEAN and OECDmembers to geographical distance in a gravity model utilizing a bilateral panelof 86 reporting and 241 counterparty countries/territories for 2007-2017. Wefind that the elasticity is more negative for ASEAN than OECD members. Thedifference is larger if we exclude Singapore. This indicates that Singapore'sbehavior is distinct from other ASEAN members. While Singapore tends to investin distant OECD countries, other ASEAN members tend to invest in nearbycountries. Our study sheds light on the role of a regional financial center inglobal finance.

Singapore's Role for ASEAN's Portfolio Investment