Pathways towards instability in financial networks

被引:162
作者
Bardoscia, Marco [1 ,2 ]
Battiston, Stefano [1 ]
Caccioli, Fabio [3 ,4 ]
Caldarelli, Guido [2 ,5 ,6 ]
机构
[1] Univ Zurich, Dept Banking & Finance, CH-8032 Zurich, Switzerland
[2] London Inst Math Sci, London W1K 2XF, England
[3] UCL, Dept Comp Sci, London WC1E 6BT, England
[4] London Sch Econ & Polit Sci, System Risk Ctr, London WC2A 2AE, England
[5] IMT Sch Adv Studies, I-55100 Lucca, Italy
[6] CNR, Inst Complex Syst, I-00185 Rome, Italy
基金
瑞士国家科学基金会; 英国经济与社会研究理事会;
关键词
SYSTEMIC RISK; OVERLAPPING PORTFOLIOS; CONTAGION; COMPLEXITY; STABILITY; LEVERAGE; MARKET;
D O I
10.1038/ncomms14416
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
Following the financial crisis of 2007-2008, a deep analogy between the origins of instability in financial systems and complex ecosystems has been pointed out: in both cases, topological features of network structures influence how easily distress can spread within the system. However, in financial network models, the details of how financial institutions interact typically play a decisive role, and a general understanding of precisely how network topology creates instability remains lacking. Here we show how processes that are widely believed to stabilize the financial system, that is, market integration and diversification, can actually drive it towards instability, as they contribute to create cyclical structures which tend to amplify financial distress, thereby undermining systemic stability and making large crises more likely. This result holds irrespective of the details of how institutions interact, showing that policy-relevant analysis of the factors affecting financial stability can be carried out while abstracting away from such details.
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页数:7
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