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Systemic Risk and Stability in Financial Networks
Abstract
This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding to a more diversified pattern of interbank liabilities) enhances financial stability. However, beyond a certain point, dense interconnections serve as a mechanism for the propagation of shocks, leading to a more fragile financial system. Our results thus highlight that the same factors that contribute to resilience under certain conditions may function as significant sources of systemic risk under others. (JEL D85, E44, G21, G28, L14)
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Citations
Cited by
The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem
Baqaee, D. R., & Farhi, E. (2019) · Econometrica · doi:10.3982/ecta15202 · Cited by 512
Networks and the Macroeconomy: An Empirical Exploration
Acemoglu, D., Akcigit, U., & Kerr, W. (2016) · NBER Macroeconomics Annual · doi:10.1086/685961 · Cited by 452
Self-citationThe Economic Consequences of Social-Network Structure
Jackson, M. O., Rogers, B. W., & Zenou, Y. (2017) · Journal of Economic Literature · doi:10.1257/jel.20150694 · Cited by 441
Carvalho, V. M., & Tahbaz-Salehi, A. (2019) · Annual Review of Economics · doi:10.1146/annurev-economics-080218-030212 · Cited by 384
Self-citationAshta, A., & Herrmann, H. (2021) · Strategic Change · doi:10.1002/jsc.2404 · Cited by 373
Metadata
- Authors
- Acemoglu, D., Ozdaglar, A., & Tahbaz-Salehi, A.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2015-02-01
- Volume
- 105
- Issue
- 2
- Pages
- 564-608
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3124317733
- Cited by
- 1,943
- References
- 0
- FWCI
- 260.32
- 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.
