DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk (Articolo in rivista)

Type
Label
  • DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk (Articolo in rivista) (literal)
Anno
  • 2012-01-01T00:00:00+01:00 (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#doi
  • 10.1038/srep00541 (literal)
Alternative label
  • Stefano Battiston (1); Michelangelo Puliga (1); Rahul Kaushik (1); Paolo Tasca (1); Guido Caldarelli (2,3,4) (2012)
    DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk
    in Scientific reports (Nature Publishing Group)
    (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#autori
  • Stefano Battiston (1); Michelangelo Puliga (1); Rahul Kaushik (1); Paolo Tasca (1); Guido Caldarelli (2,3,4) (literal)
Pagina inizio
  • art_n_541 (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#url
  • http://www.nature.com/srep/2012/120802/srep00541/full/srep00541.html?WT.mc_id=TWT_SciReports (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#numeroVolume
  • 2 (literal)
Rivista
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#pagineTotali
  • 6 (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#numeroFascicolo
  • August (literal)
Note
  • ISI Web of Science (WOS) (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#affiliazioni
  • (1) Chair of Systems Design, ETH Zurich, Weinbergstrasse 56/58, 8092, Zurich, Switzerland (2) IMT Piazza San Ponziano 6, Lucca, Italy (3) Institute of Complex Systems CNR UdR Sapienza, Dip. Fisica, Piazzale Moro 2 00185, Rome (4) LIMS 35a South St, Mayfair London W1K 2XF, UK (literal)
Titolo
  • DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk (literal)
Abstract
  • Systemic risk, here meant as the risk of default of a large portion of the financial system, depends on the network of financial exposures among institutions. However, there is no widely accepted methodology to determine the systemically important nodes in a network. To fill this gap, we introduce, DebtRank, a novel measure of systemic impact inspired by feedback-centrality. As an application, we analyse a new and unique dataset on the USD 1.2 trillion FED emergency loans program to global financial institutions during 2008-2010. We find that a group of 22 institutions, which received most of the funds, form a strongly connected graph where each of the nodes becomes systemically important at the peak of the crisis. Moreover, a systemic default could have been triggered even by small dispersed shocks. The results suggest that the debate on too-big-to-fail institutions should include the even more serious issue of too-central-to-fail. (literal)
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