Measuring the systemic risk in indirect financial networks

References

• Abbas, F., and O. Masood. 2020. “How Banks Adjust Capital Ratios: The Most Recent Empirical Facts.” Quantitative Finance and Economics 4 (3): 412.
   Web of Science ®Google Scholar
• Acemoglu, D., A. Ozdaglar, and A. Tahbaz-Salehi. 2015. “Systemic Risk and Stability in Financial Networks.” American Economic Review 105 (2): 564–608.
   PubMed Web of Science ®Google Scholar
• Acharya, V. V., L. H. Pedersen, T. Philippon, and M. Richardson. 2017. “Measuring Systemic Risk.” The Review of Financial Studies 30 (1): 2–47.
   Web of Science ®Google Scholar
• Acharya, V. V., and S. Viswanathan. 2011. “Leverage, Moral Hazard, and Liquidity.” The Journal of Finance 66 (1): 99–138.
   Web of Science ®Google Scholar
• Adcock, C., M. Eling, and N. Loperfido. 2015. “Skewed Distributions in Finance and Actuarial Science: a Review.” The European Journal of Finance 21 (13-14): 1253–1281.
   Web of Science ®Google Scholar
• Adcock, C., X. Hua, and Y. Huang. 2016. “Are Chinese Stock and Property Markets Integrated Or Segmented?.” The European Journal of Finance 22 (4–6): 345–370.
   Web of Science ®Google Scholar
• Adcock, C., X. Hua, K. Mazouz, and S. Yin. 2017. “Derivative Activities and Chinese Banks' Exposures to Exchange Rate and Interest Rate Movements.” The European Journal of Finance 23 (7–9): 727–751.
   Web of Science ®Google Scholar
• Adcock, C., and N. Meade. 2017. “Using Parametric Classification Trees for Model Selection with Applications to Financial Risk Management.” European Journal of Operational Research 259 (2): 746–765.
   Web of Science ®Google Scholar
• Adrian, T., and M. K. Brunnermeier. 2016. “CoVaR.” American Economic Review 106 (7): 1705–1741.
   Web of Science ®Google Scholar
• Adrian, T., and H. S. Shin. 2010. “Liquidity and Leverage.” Journal of Financial Intermediation 19 (3): 418–437.
   Web of Science ®Google Scholar
• Aguiar, M., and G. Gopinath. 2005. “Fire-sale Foreign Direct Investment and Liquidity Crises.” Review of Economics and Statistics 87 (3): 439–452.
   Web of Science ®Google Scholar
• Ahnert, T., and C. P. Georg. 2018. “Information Contagion and Systemic Risk.” Journal of Financial Stability 35: 159–171.
   Web of Science ®Google Scholar
• Aldasoro, I., D. D. Gatti, and E. Faia. 2017. “Bank Networks: Contagion, Systemic Risk and Prudential Policy.” Journal of Economic Behavior & Organization 142: 164–188.
   Web of Science ®Google Scholar
• Alger, G., and I. Alger. 1999. “Liquid Assets in Banks: Theory and Practice.” GREMAQ, Universite des Sciences Sociales.
   Google Scholar
• Allen, F., and D. Gale. 2004. “Financial Fragility, Liquidity, and Asset Prices.” Journal of the European Economic Association 2 (6): 1015–1048.
   Web of Science ®Google Scholar
• Aloui, R., M. S. B. Aïssa, and D. K. Nguyen. 2011. “Global Financial Crisis, Extreme Interdependences, and Contagion Effects: The Role of Economic Structure?.” Journal of Banking & Finance 35 (1): 130–141.
   Web of Science ®Google Scholar
• Amel-Zadeh, A., and G. Meeks. 2013. “Bank Failure, Mark-to-market and the Financial Crisis.” Abacus 49 (3): 308–339.
   Web of Science ®Google Scholar
• Anand, K., B. Craig, and G. Von Peter. 2015. “Filling in the Blanks: Network Structure and Interbank Contagion.” Quantitative Finance 15 (4): 625–636.
   Web of Science ®Google Scholar
• Anand, K., I. van Lelyveld, Á. Banai, S. Friedrich, R. Garratt, G. Hałaj, and J. Fique. 2018. “The Missing Links: A Global Study on Uncovering Financial Network Structures From Partial Data.” Journal of Financial Stability 35: 107–119.
   Web of Science ®Google Scholar
• Andersen, S., and K. M. Nielsen. 2017. “Fire Sales and House Prices: Evidence From Estate Sales Due to Sudden Death.” Management Science 63 (1): 201–212.
   Web of Science ®Google Scholar
• Baranova, Y., J. Coen, J. Noss, and P. Lowe. 2017. “Simulating Stress Across the Financial System: The Resilience of Corporate Bond Markets and the Role of Investment Funds.“ Bank of England Financial Stability Paper (42).
   Google Scholar
• Bardoscia, M., S. Battiston, F. Caccioli, and G. Caldarelli. 2017. “Pathways Towards Instability in Financial Networks.” Nature Communications 8 (1): 1–7.
   PubMedGoogle Scholar
• Barone-Adesi, G., K. Giannopoulos, and L. Vosper. 2018. “Estimating the Joint Tail Risk Under the Filtered Historical Simulation: An Application to the CCP's Default and Waterfall Fund.” The European Journal of Finance 24 (5): 413–425.
   Web of Science ®Google Scholar
• Battaglia, F., and A. Gallo. 2013. “Securitization and Systemic Risk: An Empirical Investigation on Italian Banks Over the Financial Crisis.” International Review of Financial Analysis 30: 274–286.
   Web of Science ®Google Scholar
• Battiston, S., G. Caldarelli, M. D'Errico, and S. Gurciullo. 2016. “Leveraging the Network: A Stress-test Framework Based on DebtRank.” Statistics & Risk Modeling 33 (3-4): 117–138.
   Web of Science ®Google Scholar
• Battiston, S., M. Puliga, R. Kaushik, P. Tasca, and G. Caldarelli. 2012. “DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk.” Scientific Reports 2 (8): 541.
   PubMedGoogle Scholar
• Berger, A. N., and C. H. Bouwman. 2013. “How Does Capital Affect Bank Performance During Financial Crises?.” Journal of Financial Economics 109 (1): 146–176.
   Web of Science ®Google Scholar
• Berger, A. N., R. DeYoung, M. J. Flannery, D. Lee, and O. Oztekin. 2008. “Why Do Large Banking Organizations Hold so Much Capital?.” Journal of Financial Services Research 34 (2/3): 123–149.
   Web of Science ®Google Scholar
• Bernanke, B. S. 2012. Some Reflections on the Crisis and the Policy Response: A Speech at the Russell Sage Foundation and The Century Foundation Conference on” Rethinking Finance”, New York, New York, April 13, 2012.
   Google Scholar
• Bernardi, M., and P. Stolfi. 2020. “A Dominance Test for Measuring Financial Connectedness.” The European Journal of Finance 26 (2–3): 119–141.
   Web of Science ®Google Scholar
• Bikker, J. A., and T. M. Vervliet. 2018. “Bank Profitability and Risk-taking Under Low Interest Rates.” International Journal of Finance & Economics 23 (1): 3–18.
   Web of Science ®Google Scholar
• Birge, J. R., A. Khabazian, and J. Peng. 2018. “Optimization Modeling and Techniques for Systemic Risk Assessment and Control in Financial Networks.” In Recent Advances in Optimization and Modeling of Contemporary Problems, 64–84. INFORMS.
   Google Scholar
• Bofondi, M., L. Carpinelli, and E. Sette. 2018. “Credit Supply During a Sovereign Debt Crisis.” Journal of the European Economic Association 16 (3): 696–729.
   Web of Science ®Google Scholar
• Bolton, P., and X. Freixas. 2006. “Corporate Finance and the Monetary Transmission Mechanism.” The Review of Financial Studies 19 (3): 829–870.
   Web of Science ®Google Scholar
• Boot, A. W., and A. V. Thakor. 2000. “Can Relationship Banking Survive Competition?.” The Journal of Finance 55 (2): 679–713.
   Web of Science ®Google Scholar
• Braverman, A., and A. Minca. 2018. “Networks of Common Asset Holdings: Aggregation and Measures of Vulnerability.” The Journal of Network Theory in Finance 4 (3): 53–78.
   Web of Science ®Google Scholar
• Brei, M., and L. Gambacorta. 2014. “The Leverage Ratio Over the Cycle.” Bank for International Settlements Working Paper 471.
   Google Scholar
• Bricco, J., and T. Xu. 2019. “Interconnectedness and Contagion Analysis: A Practical Framework.” International Monetary Fund Working Paper Series.
   Google Scholar
• Brooks, C. 2019. Introductory Econometrics for Finance (4th Edition). Cambridge: Cambridge University Press.
   Google Scholar
• Brooks, C., A. G. Hoepner, D. McMillan, A. Vivian, and C. Wese Simen. 2019. “Financial Data Science: the Birth of a New Financial Research Paradigm Complementing Econometrics?.” The European Journal of Finance 25 (17): 1627–1636.
   Web of Science ®Google Scholar
• Brownlees, C., and R. F. Engle. 2016. “SRISK: A Conditional Capital Shortfall Measure of Systemic Risk.” The Review of Financial Studies 30 (1): 48–79.
   Web of Science ®Google Scholar
• Brunnermeier, M. K. 2009. “Deciphering the Liquidity and Credit Crunch 2007-2008.” Journal of Economic Perspectives 23 (1): 77–100.
   PubMed Web of Science ®Google Scholar
• Brunnermeier, M. K., G. N. Dong, and D. Palia. 2020. “Banks' Noninterest Income and Systemic Risk.” The Review of Corporate Finance Studies 9 (2): 229–255.
   Web of Science ®Google Scholar
• Caballero, R. J., and A. Simsek. 2013. “Fire Sales in a Model of Complexity.” The Journal of Finance68 (6): 2549–2587.
   Web of Science ®Google Scholar
• Caccioli, F., M. Shrestha, C. Moore, and J. D. Farmer. 2014. “Stability Analysis of Financial Contagion Due to Overlapping Portfolios.” Journal of Banking & Finance 46: 233–245.
   Web of Science ®Google Scholar
• Cai, J., F. Eidam, A. Saunders, and S. Steffen. 2018. “Syndication, Interconnectedness, and Systemic Risk.” Journal of Financial Stability 34: 105–120.
   Web of Science ®Google Scholar
• Cao, J., and F. Wen. 2019. “The Impact of the Cross-Shareholding Network on Extreme Price Movements: Evidence From China.” Journal of Risk 22 (2): 79–102.
   Web of Science ®Google Scholar
• Cerezetti, F. V., E. N. Karimalis, U. Shreyas, and A. Sumawong. 2019. “Market Liquidity, Closeout Procedures and Initial Margin for CCPs.” The European Journal of Finance 25 (7): 599–631.
   Web of Science ®Google Scholar
• Chang, C. W., X. Li, E. M. Lin, and M. T. Yu. 2018. “Systemic Risk, Interconnectedness, and Non-core Activities in Taiwan Insurance Industry.” International Review of Economics & Finance 55: 273–284.
   Web of Science ®Google Scholar
• Chatterjee, S. 2010. “De-leveraging and the Financial Accelerator: How Wall Street Can Shock Main Street.” Business Review, Federal Reserve Bank of Philadelphia. 1–8.
   Google Scholar
• Chuang, Y., and L. Schechter. 2015. “Social Networks in Developing Countries.” Annual Review of Resource Economics 7 (1): 451–472.
   Google Scholar
• Cont, R., and A. Minca. 2013. “Recovering Portfolio Default Intensities Implied by CDO Quotes.” Mathematical Finance: An International Journal of Mathematics, Statistics and Financial Economics23 (1): 94–121.
   Web of Science ®Google Scholar
• Cont, R., and E. Schaanning. 2019. “Monitoring Indirect Contagion.” Journal of Banking & Finance 104: 85–102.
   Web of Science ®Google Scholar
• Coval, J., and E. Stafford. 2007. “Asset Fire Sales (and Purchases) in Equity Markets.” Journal of Financial Economics 86 (2): 479–512.
   Web of Science ®Google Scholar
• Demirgüç-Kunt, A. 1989. “Deposit-Institution Failures: A Review of Empirical Literature.” Economic Review 25 (4): 2–19.
   Google Scholar
• Devos, E., A. Prevost, and J. Puthenpurackal. 2009. “Are Interlocked Directors Effective Monitors?.” Financial Management 38 (4): 861–887.
   Web of Science ®Google Scholar
• Diem, C., A. Pichler, and S. Thurner. 2020. “What is the Minimal Systemic Risk in Financial Exposure Networks?.” Journal of Economic Dynamics and Control 116: 103900.
   Web of Science ®Google Scholar
• Di Gangi, D., F. Lillo, and D. Pirino. 2018. “Assessing Systemic Risk Due to Fire Sales Spillover Through Maximum Entropy Network Reconstruction.” Journal of Economic Dynamics and Control 94: 117–141.
   Web of Science ®Google Scholar
• Dijkman, M. 2010. “A Framework for Assessing Systemic Risk.” World Bank Policy Research Working Paper (5282).
   Google Scholar
• Dinc, S., I. Erel, and R. Liao. 2017. “Fire Sale Discount: Evidence From the Sale of Minority Equity Stakes.” Journal of Financial Economics 125 (3): 475–490.
   Web of Science ®Google Scholar
• Dow, J., and J. Han. 2018. “The Paradox of Financial Fire Sales: The Role of Arbitrage Capital in Determining Liquidity.” The Journal of Finance 73 (1): 229–274.
   Web of Science ®Google Scholar
• Duarte, F., and T. M. Eisenbach. 2018. “Fire-Sale Spillovers and Systemic Risk.” FRB of New York Staff Report (645).
   Google Scholar
• Duffie, D. 2013. “Systemic Risk Exposures: A 10-by-10-by-10 Approach.” In Risk Topography: Systemic Risk and Macro Modeling, 47–56. University of Chicago Press.
   Google Scholar
• Dungey, M., and D. Gajurel. 2014. “Equity Market Contagion During the Global Financial Crisis: Evidence From the World's Eight Largest Economies.” Economic Systems 38 (2): 161–177.
   Web of Science ®Google Scholar
• Eisenberg, L., and T. H. Noe. 2001. “Systemic Risk in Financial Systems.” Management Science 47 (2): 236–249.
   Web of Science ®Google Scholar
• El-Khatib, R., K. Fogel, and T. Jandik. 2015. “CEO Network Centrality and Merger Performance.” Journal of Financial Economics 116 (2): 349–382.
   Web of Science ®Google Scholar
• European Central Bank. 2012. Financial Stability Review (Tech. Rep.).
   Google Scholar
• European Systemic Risk Board. 2019. Macroprudential Approaches to Non-Performing Loans (Tech. Rep.). https://www.esrb.europa.eu/pub/pdf/reports/esrb.report190128_macropudentialapproachestonon-performingloans.en.pdf.
   Google Scholar
• Festić, M., A. Kavkler, and S. Repina. 2011. “The Macroeconomic Sources of Systemic Risk in the Banking Sectors of Five New EU Member States.” Journal of Banking & Finance 35 (2): 310–322.
   Web of Science ®Google Scholar
• Financial Crisis Inquiry Commission. 2011. The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. Washington, DC: U.S. Government Printing Office
   Google Scholar
• Freeman, L. C. 1978. “Centrality in Social Networks Conceptual Clarification.” Social Networks 1 (3): 215–239.
   Web of Science ®Google Scholar
• Gabrieli, S., D. Salakhova, and G. Vuillemey. 2015. “Cross-Border Interbank Contagion in the European Banking Sector.” Banque de France Working Paper.
   Google Scholar
• Gai, P., and S. Kapadia. 2010. “Contagion in Financial Networks.” Proceedings of the Royal Society A: Mathematical, Physical and Engineering Sciences 466 (2120): 2401–2423.
   Web of Science ®Google Scholar
• Glasserman, P., and H. P. Young. 2015. “How Likely is Contagion in Financial Networks?.” Journal of Banking & Finance 50: 383–399.
   Web of Science ®Google Scholar
• Goretti, M., and M. Souto. 2013. " Macro-Financial Implications of Corporate (de) Leveraging in the Euro Area Periphery". IMF Working Papers 2013/154, International Monetary Fund.
   Google Scholar
• Greenwood, R., A. Landier, and D. Thesmar. 2015. “Vulnerable Banks.” Journal of Financial Economics115 (3): 471–485.
   Web of Science ®Google Scholar
• Grigoli, F., M. Mansilla, and M. Saldías. 2018. “Macro-financial Linkages and Heterogeneous Non-performing Loans Projections: An Application to Ecuador.” Journal of Banking & Finance 97: 130–141.
   Web of Science ®Google Scholar
• Grimm, V., and F. Mengel. 2020. “Experiments on Belief Formation in Networks.” Journal of the European Economic Association 18 (1): 49–82.
   Web of Science ®Google Scholar
• Guharay, S. K., G. S. Thakur, F. J. Goodman, S. L. Rosen, and D. Houser. 2013. “Analysis of Non-stationary Dynamics in the Financial System.” Economics Letters 121 (3): 454–457.
   Web of Science ®Google Scholar
• Gul, F. A., J. B. Kim, and A. A. Qiu. 2010. “Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity: Evidence from China.” Journal of Financial Economics 95 (3): 425–442.
   Web of Science ®Google Scholar
• Guo, W., A. Minca, and L. Wang. 2016. “The Topology of Overlapping Portfolio Networks.” Statistics & Risk Modeling 33 (3-4): 139–155.
   Web of Science ®Google Scholar
• Gupta, R., C. Pierdzioch, A. J. Vivian, and M. E. Wohar. 2019. “The Predictive Value of Inequality Measures for Stock Returns: An Analysis of Long-span UK Data Using Quantile Random Forests.” Finance Research Letters 29: 315–322.
   Web of Science ®Google Scholar
• Haldane, A. G., and R. M. May. 2011. “Systemic Risk in Banking Ecosystems.” Nature 469 (7330): 351.
   PubMed Web of Science ®Google Scholar
• Heipertz, J., R. Rancière, and N. Valla. 2019. “Domestic and External Sectoral Portfolios: Network Structure and Balance-sheet Contagion.” Journal of International Money and Finance 94: 206–226.
   Web of Science ®Google Scholar
• Hoepner, A. G., D. McMillan, A. Vivian, and C. Wese Simen. 2021. “Significance, Relevance and Explainability in the Machine Learning Age: An Econometrics and Financial Data Science Perspective.” The European Journal of Finance 27 (1-2): 1–7.
   Web of Science ®Google Scholar
• Hollstein, F., M. Prokopczuk, B. Tharann, and C. Wese Simen. 2019. “Predicting the Equity Market with Option-implied Variables.” The European Journal of Finance 25 (10): 937–965.
   Web of Science ®Google Scholar
• Hua, X., and C. Adcock. 2013. “Asset Pricing under Financial Repression: Evidence from the Chinese Real Estate Boom during 1999–2010.” In Developing China's Capital Market (pp. 42–73). Springer.
   Google Scholar
• Huang, Y., and M. Qian. 2018. “How Gradualist are Chinese Reforms? Evidence From Rural Income Determinants.” The European Journal of Finance 24 (1): 19–35.
   Web of Science ®Google Scholar
• Hué, S., Y. Lucotte, and S. Tokpavi. 2019. “Measuring Network Systemic Risk Contributions: A Leave-one-out Approach.” Journal of Economic Dynamics and Control 100: 86–114.
   Web of Science ®Google Scholar
• Hüser, A. C., and C. Kok. 2019. “Mapping Bank Securities Across Euro Area Sectors: Comparing Funding and Exposure Networks.” ECB Working Paper.
   Google Scholar
• IMF, BIS, & FSB. 2009. Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments (Tech. Rep.).
   Google Scholar
• International Monetary Fund. 2017. IMF Executive Board Concludes Financial Sector Stability Assessment With China, Press Release No. 17/469 (Tech. Rep.). https://www.imf.org/en/Publications/CR/Issues/2017/12/07/people-republic-of-china-financial-system-stability-assessment-45445.
   Google Scholar
• Jin, X., and F. D. A. N. De Simone. 2014. “Banking Systemic Vulnerabilities: A Tail-risk Dynamic CIMDO Approach.” Journal of Financial Stability 14: 81–101.
   Google Scholar
• Khabazian, A., and J. Peng. 2019. “Vulnerability Analysis of the Financial Network.” Management Science 65 (7): 3302–3321.
   Web of Science ®Google Scholar
• Kok, C., C. Móré, and C. Pancaro. 2015. “Bank Profitability Challenges in Euro Area Banks: the Role of Cyclical and Structural Factors.” Financial Stability Review, European Central Bank, vol. 1.
   Google Scholar
• Krishnamurthy, A. 2010. “How Debt Markets Have Malfunctioned in the Crisis.” Journal of Economic Perspectives 24 (1): 3–28.
   Web of Science ®Google Scholar
• Laeven, L., L. Ratnovski, and H. Tong. 2016. “Bank Size, Capital, and Systemic Risk: Some International Evidence.” Journal of Banking & Finance 69: S25–S34.
   Web of Science ®Google Scholar
• Lang, J. H., and M. Forletta. 2019. “Bank Capital-at-risk: Measuring the Impact of Cyclical Systemic Risk on Future Bank Losses". ECB Macroprudential Bulletin No. 9. European Central Bank, Frankfurt.
   Google Scholar
• Larcker, D. F., E. C. So, and C. C. Wang. 2013. “Boardroom Centrality and Firm Performance.” Journal of Accounting and Economics 55 (2–3): 225–250.
   Web of Science ®Google Scholar
• Lehar, A. 2005. “Measuring Systemic Risk: A Risk Management Approach.” Journal of Banking & Finance 29 (10): 2577–2603.
   Web of Science ®Google Scholar
• Leventides, J., K. Loukaki, and V. G. Papavassiliou. 2019. “Simulating Financial Contagion Dynamics in Random Interbank Networks.” Journal of Economic Behavior & Organization 158: 500–525.
   Web of Science ®Google Scholar
• Li, F., and H. Perez-Saiz. 2018. “Measuring Systemic Risk Across Financial Market Infrastructures.” Journal of Financial Stability 34: 1–11.
   Web of Science ®Google Scholar
• Liao, H., M. S. Mariani, M. Medo, Y. C. Zhang, and M. Y. Zhou. 2017. “Ranking in Evolving Complex Networks.” Physics Reports 689: 1–54.
   Google Scholar
• Liesen, A., F. Figge, A. Hoepner, and D. M. Patten. 2017. “Climate Change and Asset Prices: are Corporate Carbon Disclosure and Performance Priced Appropriately?.” Journal of Business Finance & Accounting 44 (1–2): 35–62.
   Web of Science ®Google Scholar
• Lin, J. H., S. Chen, and J. Y. Tsai. 2019. “How Does Soft Information About Small Business Lending Affect Bank Efficiency Under Capital Regulation?.” Quantitative Finance and Economics 3: 53–74.
   Web of Science ®Google Scholar
• Longstaff, F. A. 2010. “The Subprime Credit Crisis and Contagion in Financial Markets.” Journal of Financial Economics 97 (3): 436–450.
   Web of Science ®Google Scholar
• Ma, J., S. Zhu, and Y. Wu. 2020. “Joint Effects of the Liability Network and Portfolio Overlapping on Systemic Financial Risk: Contagion and Rescue.” Quantitative Finance 21 (5): 753–770.
   Web of Science ®Google Scholar
• McMillan, D. G. 2021. “When and Why Do Stock and Bond Markets Predict US Economic Growth?.” The Quarterly Review of Economics and Finance 20: 331–343.
   Google Scholar
• Mohanty, S. K., A. Akhigbe, and A. Basheikh. 2018. “The Dodd-Frank Act and Basel III: Market-based Risk Implications for Global Systemically Important Banks (G-SIBs).” Journal of Multinational Financial Management 47: 91–109.
   Web of Science ®Google Scholar
• Moshirian, F., S. Sahgal, and B. Zhang. 2011. “Non-Interest Income and Systemic Risk: The Role of Concentration.” In Global Systemic Risk Conference.
   Google Scholar
• Musmeci, N., S. Battiston, G. Caldarelli, M. Puliga, and A. Gabrielli. 2013. “Bootstrapping Topological Properties and Systemic Risk of Complex Networks Using the Fitness Model.” Journal of Statistical Physics 151 (3-4): 720–734.
   Web of Science ®Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221.
   Web of Science ®Google Scholar
• Nier, E., J. Yang, T. Yorulmazer, and A. Alentorn. 2007. “Network Models and Financial Stability.” Journal of Economic Dynamics and Control 31 (6): 2033–2060.
   Web of Science ®Google Scholar
• Paltalidis, N., D. Gounopoulos, R. Kizys, and Y. Koutelidakis. 2015. “Transmission Channels of Systemic Risk and Contagion in the European Financial Network.” Journal of Banking & Finance 61: S36–S52.
   Web of Science ®Google Scholar
• Paulin, J., A. Calinescu, and M. Wooldridge. 2019. “Understanding Flash Crash Contagion and Systemic Risk: A Micro–macro Agent-based Approach.” Journal of Economic Dynamics and Control 100: 200–229.
   Web of Science ®Google Scholar
• People's Bank of China. 2015. China Financial Stability Report (Tech. Rep.). http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2812423/index.html.
   Google Scholar
• Poledna, S., J. L. Molina-Borboa, S. Martínez-Jaramillo, M. Van Der Leij, and S. Thurner. 2015. “The Multi-layer Network Nature of Systemic Risk and Its Implications for the Costs of Financial Crises.” Journal of Financial Stability 20: 70–81.
   Web of Science ®Google Scholar
• Pulvino, T. C. 1998. “Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions.” The Journal of Finance 53 (3): 939–978.
   Web of Science ®Google Scholar
• Renneboog, L., and Y. Zhao. 2011. “Us Knows Us in the UK: On Director Networks and CEO Compensation.” Journal of Corporate Finance 17 (4): 1132–1157.
   Web of Science ®Google Scholar
• Shehzad, C. T., J. de Haan, and B. Scholtens. 2010. “The Impact of Bank Ownership Concentration on Impaired Loans and Capital Adequacy.” Journal of Banking & Finance 34 (2): 399–408.
   Web of Science ®Google Scholar
• Shleifer, A., and R. Vishny. 2011. “Fire Sales in Finance and Macroeconomics.” Journal of Economic Perspectives 25 (1): 29–48.
   Web of Science ®Google Scholar
• Silva, T. C., M. A. da Silva, and B. M. Tabak. 2017. “Systemic Risk in Financial Systems: A Feedback Approach.” Journal of Economic Behavior & Organization 144: 97–120.
   Web of Science ®Google Scholar
• Silva, T. C., M. da Silva Alexandre, and B. M. Tabak. 2018. “Bank Lending and Systemic Risk: A Financial-real Sector Network Approach with Feedback.” Journal of Financial Stability 38: 98–118.
   Web of Science ®Google Scholar
• Song, Z., and W. Xiong. 2018. “Risks in China's Financial System.” Annual Review of Financial Economics 10: 261–286.
   Web of Science ®Google Scholar
• Tsalas, A., and P. Monokroussos. 2018. “PIIGS in and out of Sync: The Changing Face of Financial Business Cycle Synchronization in Europe.” Quantitative Finance and Economics 2: 261–278.
   Web of Science ®Google Scholar
• Wang, G. J., C. Xie, M. Lin, and H. E. Stanley. 2017. “Stock Market Contagion During the Global Financial Crisis: A Multiscale Approach.” Finance Research Letters 22: 163–168.
   Web of Science ®Google Scholar
• Wehinger, G. 2012. “Bank Deleveraging, the Move From Bank to Market-based Financing, and SME Financing.” OECD Journal: Financial Market Trends 2012 (1): 65–79.
   Google Scholar
• Weiß, G. N., S. Neumann, and D. Bostandzic. 2014. “Systemic Risk and Bank Consolidation: International Evidence.” Journal of Banking & Finance 40: 165–181.
   Web of Science ®Google Scholar
• Wen, F., X. Yang, and W. X. Zhou. 2019. “Tail Dependence Networks of Global Stock Markets.” International Journal of Finance & Economics 24 (1): 558–567.
   Web of Science ®Google Scholar
• Xu, T., K. Hu, and U. S. Das. 2019. “Bank Profitability and Financial Stability.” International Monetary Fund Working Paper Series.
   Google Scholar
• Zhang, D., J. Cai, D. G. Dickinson, and A. M. Kutan. 2016. “Non-performing Loans, Moral Hazard and Regulation of the Chinese Commercial Banking System.” Journal of Banking & Finance 63: 48–60.
   Web of Science ®Google Scholar