Systemic Risk in Financial Networks: A Survey

被引：58
|
作者：
Jackson, Matthew O. [1 ,2 ]
Pernoud, Agathe [1 ]
机构：
[1] Stanford Univ, Dept Econ, Stanford, CA 94305 USA
[2] Santa Fe Inst, Santa Fe, NM 87501 USA
来源：
ANNUAL REVIEW OF ECONOMICS, VOL 13, 2021 | 2021年 / 13卷
基金：
美国国家科学基金会;
关键词：
financial networks; markets; systemic risk; financial crises; correlated portfolios; networks; banks; default risk; credit freeze; bank runs; shadow banking; supply chains; compression; financial bubbles; DEPOSIT INSURANCE; MORAL HAZARD; FIRE SALES; CONTAGION; LIQUIDITY; MARKET; MODEL; INTERMEDIATION; TOPOLOGY; COST;
D O I：
10.1146/annurev-economics-083120-111540
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：171 / 202
页数：32
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