G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17511
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
URLhttps://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.
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