Systemic Risk in Financial Networks: A Survey
Systemic Risk in Financial Networks: A Survey
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DOI：
10.1146/annurev-economics-083120-111540
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发表时间：
2021-01-01
期刊：
影响因子：
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通讯作者：
Pernoud, Agathe
中科院分区：
文献类型：
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作者：
Jackson, Matthew O.;Pernoud, Agathe
我们概述了金融网络与系统性风险之间的关系。我们提出了不同类型系统性风险的分类法，区分了金融机构之间的直接外部性（例如，违约、相关投资组合、甩卖）以及认知和反馈效应（例如，银行挤兑、信贷冻结）。我们还讨论了最优监管和救助、系统性风险的度量和金融中心性、银行关于其投资组合和合作伙伴关系的选择，以及金融网络不断变化的性质。
We provide an overview of the relationship between financial networks and systemic risk. We present a taxonomy of different types of systemic risk, differentiating between direct externalities between financial organizations (e.g., defaults, correlated portfolios, fire sales), and perceptions and feedback effects (e.g., bank runs, credit freezes). We also discuss optimal regulation and bailouts, measurements of systemic risk and financial centrality, choices by banks regarding their portfolios and partnerships, and the changing nature of financial networks.