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来源类型 | Report |
规范类型 | 报告 |
DOI | https://doi.org/10.7249/RR4185 |
来源ID | RR-4185-RC |
Systemic Risk in the Broad Economy: Interfirm Networks and Shocks in the U.S. Economy | |
Jonathan W. Welburn; Aaron Strong; Florentine Eloundou Nekoul; Justin Grana; Krystyna Marcinek; Osonde A. Osoba; Nirabh Koirala; Claude Messan Setodji | |
发表日期 | 2020-01-21 |
出版年 | 2020 |
语种 | 英语 |
结论 |
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摘要 | In the years following the 2008 financial crisis, significant attention was paid to systemic risk within heavily interconnected financial networks. The academic discussions on interbank network structure, market stability, and contagion gave rise to a policy debate about whether major banks had become both too big and too interconnected to fail. However, despite the focus on systemic risk—the risk of market collapse resulting from firm-level risks—within the financial sector, little attention was paid to systemic risks in the economy at large. The authors of this report address that gap in research. To begin to measure the potential magnitude of systemic risk in the broad economy, the authors estimated firm-to-firm connections across sectors of the U.S. economy. Using network analysis on observed firm-level networks to elucidate heavily interconnected firms and areas of centrality (i.e., firms of significant network importance), statistical inference, and network calibration, the authors provide a new approach to modeling the economy at the firm level that expands on the traditional sector-level input-output modeling by estimating firm-level input-output flows. The result allows one to use traditional input-output modeling to estimate the size of potential idiosyncratic shocks and to use economically weighted measures of centrality to reveal systemically important firms. The approach is a contribution to the growing literature on the microfoundations of economic risk, with the potential for use across a wide range of applications from financial stability to natural disasters. |
目录 |
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主题 | Banking and Financial Services ; Economic Analysis Methodology ; Macroeconomics |
URL | https://www.rand.org/pubs/research_reports/RR4185.html |
来源智库 | RAND Corporation (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/523990 |
推荐引用方式 GB/T 7714 | Jonathan W. Welburn,Aaron Strong,Florentine Eloundou Nekoul,et al. Systemic Risk in the Broad Economy: Interfirm Networks and Shocks in the U.S. Economy. 2020. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
RAND_RR4185.pdf(1650KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
1580477695381.jpg(6KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 |
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