کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088888 1478326 2014 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The great entanglement: The contagious capacity of the international banking network just before the 2008 crisis
ترجمه فارسی عنوان
پیچیدگی بزرگ: ظرفیت مسری از شبکه های بانکی بین المللی قبل از بحران سال 2008
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Systemic risk among the network of international banking groups arises when financial stress threatens to crisscross many national boundaries and expose imperfect international coordination. To assess this risk, we consider three decades of data on the cross-border interbank market. We use Rosvall and Bergstrom's (2008) information theoretic map equation to partition banking groups from 21 countries into modules that reveal the contagious capacity of the network. We show that in the late 1980s four important financial centers formed one large super cluster that was highly contagious in terms of transmission of stress within its ranks, but less contagious on a global scale. But the expansion leading to the 2008 crisis left more transmitting hubs sharing the same total influence as a few large modules had previously. We show that this greater entanglement meant the network was more broadly contagious, and not that risk was more shared. Thus, our analysis contributes to our understanding as to why defaults in US sub-prime mortgages spread quickly through the global financial system.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 49, December 2014, Pages 367-385
نویسندگان
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