文章基本信息

标题：The price of complexity in financial networks
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作者：Stefano Battiston ; Guido Caldarelli ; Robert M. May 等
期刊名称：Proceedings of the National Academy of Sciences
印刷版ISSN：0027-8424
电子版ISSN：1091-6490
出版年度：2016
卷号：113
期号：36
页码：10031-10036
DOI：10.1073/pnas.1521573113
语种：English
出版社：The National Academy of Sciences of the United States of America
摘要：Financial institutions form multilayer networks by engaging in contracts with each other and by holding exposures to common assets. As a result, the default probability of one institution depends on the default probability of all of the other institutions in the network. Here, we show how small errors on the knowledge of the network of contracts can lead to large errors in the probability of systemic defaults. From the point of view of financial regulators, our findings show that the complexity of financial networks may decrease the ability to mitigate systemic risk, and thus it may increase the social cost of financial crises.
关键词：financial contagion ; financial networks ; complexity ; default probability ; systemic risk