社会联系
金融传染
相互依存
金融危机
休克(循环)
经济
金融网络
系统性风险
金融体系
金融市场
财务
业务
金融经济学
宏观经济学
内科学
法学
心理治疗师
医学
政治学
心理学
作者
Raja Kali,Javier A. Reyes
标识
DOI:10.1111/j.1465-7295.2009.00249.x
摘要
We combine data on international trade linkages with a network approach to map the global trading system as an interdependent complex network. This enables us to obtain indicators of how well connected a country is into the global trading system. We use these network‐based measures of connectedness to explain stock market returns during recent episodes of financial crisis. We find that a crisis is amplified if the epicenter country is better integrated into the trade network. However, target countries affected by such a shock are in turn better able to dissipate the impact if they are well integrated into the network. A network approach can help explain why the Mexican, Asian, and Russian financial crises were highly contagious, while the crises that originated in Venezuela and Argentina did not have such a virulent effect. We suggest that a network approach incorporating the cascading and diffusion of interdependent ripples when a shock hits a specific part of the global trade network provides us with an improved explanation of financial contagion. ( JEL F10, F36 , F40, G15 )
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