| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17511 |
| DP17511 Intermediaries’ Substitutability and Financial Network Resilience: A Hyperstructure Approach | |
| Olivier Accominotti; Delio Lucena; Stefano Ugolini | |
| 发表日期 | 2022-07-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We propose a new methodology to assess intermediaries’ substitutability in financial networks featuring higher-order structures (credit intermediation chains). We represent the financial network as a hyperstructure and each credit intermediation chain as a hyperedge. This approach allows us to assess how the failure of intermediaries affects network connectivity. We apply this methodology to a unique dataset documenting the structure of the international, sterling money market at the heyday of the first globalization era (1880-1913). Our results reveal that the failure of individual money market actors could only cause limited damage to the network as intermediaries were highly substitutable. These findings suggest that an international financial network without highly systemic nodes can emerge even at a time of global economic integration. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Financial networks Systemic risk Intermediation chains Bills of exchange |
| URL | https://cepr.org/publications/dp17511 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546596 |
| 推荐引用方式 GB/T 7714 | Olivier Accominotti,Delio Lucena,Stefano Ugolini. DP17511 Intermediaries’ Substitutability and Financial Network Resilience: A Hyperstructure Approach. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
