Macro-prudential policy via network analysis
The global financial crisis of 2007-2009 has demonstrated that the financial system should be regarded as a complex network whose nodes are financial institutions and links are financial dependencies. Since the financial system is becoming more complex and interconnected, network theory provides the...
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| Formato: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2017 |
| País: | España |
| Recursos: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/668484 |
| Acesso em linha: | http://hdl.handle.net/10803/668484 http://dx.doi.org/10.6035/14006.2017.466437 |
| Access Level: | acceso abierto |
| Palavra-chave: | Economia internacional Network Negocis, administració i dret 33 339 |
| Resumo: | The global financial crisis of 2007-2009 has demonstrated that the financial system should be regarded as a complex network whose nodes are financial institutions and links are financial dependencies. Since the financial system is becoming more complex and interconnected, network theory provides the ideal toolkit to study systemic crises and contagion events, proving to be crucial for the design of an appropriate macroprudential policy. Indeed, while a shock might affect only a small number of banks, the interconnectedness of the financial system can trigger a default cascade, where contagion is transmitted to banks not directly exposed to the initial shock. So far, most of network literature focuses exclusively on a single kind of bank-to-bank connection: unsecured interbank lending. This thesis explores alternatives bank-to-bank connections: loans to the same non-financial firms, repo loans and overlapping portfolios. |
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