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Financial Networks and Contagion
Abstract
We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings. (JEL D85, F15, F34, F36, F65, G15, G32, G33, G38)
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Cites
Newman, M. (2010) · doi:10.1093/acprof:oso/9780199206650.001.0001 · Cited by 6,595
Matrix Analysis and Applied Linear Algebra
Meyer, C. (2000) · doi:10.1137/1.9780898719512 · Cited by 3,565
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Jackson, M. O., Rogers, B. W., & Zenou, Y. (2017) · Journal of Economic Literature · doi:10.1257/jel.20150694 · Cited by 441
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The physics of financial networks
Bardoscia, M., Barucca, P., Battiston, S., Caccioli, F., Cimini, G., Garlaschelli, D., Saracco, F., Squartini, T., & Caldarelli, G. (2021) · Nature Reviews Physics · doi:10.1038/s42254-021-00322-5 · Cited by 281
Metadata
- Authors
- Elliott, M., Golub, B., & Jackson, M. O.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2014-10-01
- Volume
- 104
- Issue
- 10
- Pages
- 3115-3153
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3122768207
- Cited by
- 1,213
- References
- 2
- FWCI
- 165.72
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
