The DOI matches its Crossref record; 45 of the 45 references it cites were found in a registry or an index.
Systemic risk in banking ecosystems
Abstract
In the run-up to the recent financial crisis, an increasingly elaborate set of financial instruments emerged, intended to optimize returns to individual institutions with seemingly minimal risk. Essentially no attention was given to their possible effects on the stability of the system as a whole. Drawing analogies with the dynamics of ecological food webs and with networks within which infectious diseases spread, we explore the interplay between complexity and stability in deliberately simplified models of financial networks. We suggest some policy lessons that can be drawn from such models, with the explicit aim of minimizing systemic risk.
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“Both previous societal collapses and disasters in the modern world are marked more by the accumulation of many stresses leading to failure, rather than single abrupt shocks destroying systems (Homer-Dixon, 2008; Haldane and May, 2011; Helbing, 2013).”
From A Fate Worse Than Warming? Stratospheric Aerosol Injection and Global Catastrophic Risk (2021) · cites this paper as Haldane and May, 2011
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Citations
Cites
Infectious Diseases of Humans: Dynamics and Control
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Self-citationStability and Complexity in Model Ecosystems
May, R. M. (2001) · Princeton University Press eBooks · doi:10.1515/9780691206912 · Cited by 5,229
Self-citationThe Ecology of Invasions by Animals and Plants
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Existence of an equilibrium for a competitive economy
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Research works printed but not linked: 2
- Jones, C. Preventing system failure. Cent. Banking 21, 69–75 (2010)The survey of recent thinking about financial networks, in lay language.
- Gai, P. & Kapadia, S. Liquidity hoarding, network externalities, and interbank market collapse. Proc. R. Soc. A 466, 2401–2423 (2010) · DOI · Paper page
Cited by
Sorted by citations
Anticipating Critical Transitions
Scheffer, M., Carpenter, S. R., Lenton, T. M., Bascompte, J., Brock, W., Dakos, V., van de Koppel, J., van de Leemput, I. A., Levin, S. A., van Nes, E. H., et al. (2012) · Science · doi:10.1126/science.1225244 · Cited by 2,208
Globally networked risks and how to respond
Helbing, D. (2013) · Nature · doi:10.1038/nature12047 · Cited by 1,281
A Climate Stress-Test of the Financial System
Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2016) · Nature Climate Change · doi:10.1038/nclimate3255 · Cited by 1,239
Quantifying Trading Behavior in Financial Markets Using Google Trends
Preis, T., Moat, H. S., & Stanley, E. (2013) · Scientific Reports · doi:10.1038/srep01684 · Cited by 953
DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk
Battiston, S., Puliga, M., Kaushik, R., Tasca, P., & Caldarelli, G. (2012) · Scientific Reports · doi:10.1038/srep00541 · Cited by 919
Metadata
- Authors
- Haldane, A. G., & May, R. M.
- Affiliations
- Bank of England (GB)
- University of Oxford (GB)
- Corresponding author
- May, Robert M.
- ORCID
- Haldane, Andrew G.
- Venue
- Nature
- Published
- 2011-01
- Volume
- 469
- Issue
- 7330
- Pages
- 351-355
- ISSN
- 0028-0836 (ISSN-L)
- 1476-4687
- OpenAlex
- W2037102228
- Cited by
- 1,480
- References
- 45
- Citations by year
- 2026: 113 · 2025: 76 · 2024: 78 · 2023: 63 · 2022: 61 · 2021: 93 · 2020: 122 · 2019: 106 · 2018: 95 · 2017: 106 · 2016: 111 · 2015: 109 · 2014: 125 · 2013: 109 · 2012: 63
- FWCI
- 204.22
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Nature (publishedVersion)
- PubMed (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Complex Systems and Time Series Analysis
- Physical Sciences › Physics and Astronomy › Statistical and Nonlinear Physics › Complex Network Analysis Techniques
- Keywords
- systemic risk, financial networks, banking sector, 2008 financial crisis, food web models, financial stability policy, financial instruments, network models
- MeSH terms
- Commerce, Communicable Diseases, Biological Evolution, Financial Management, Humans, Models, Biological, Public Policy, Risk Factors, Risk Management, United States, Ecosystem, Models, Economic, Food Chain, Economic Recession
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