As the total value of the global financial market outgrew the value of the real economy,
financial institutions created a global web of interactions that embodies systemic risks …

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 …

The recent financial crisis has prompted much new research on the interconnectedness of
the modern financial system and the extent to which it contributes to systemic fragility …

This paper argues that the extent of financial contagion exhibits a form of phase transition:
as long as the magnitude of negative shocks affecting financial institutions are sufficiently …

We propose several connectedness measures built from pieces of variance decompositions,
and we argue that they provide natural and insightful measures of connectedness. We also …

The moment when the hyperconnectedness of our world became most evident to me was on
October 20th, 2011, when images of the death of Colonel Muammar el-Qaddafi, the former …

Connections among different assets, asset classes, portfolios, and the stocks of individual
institutions are critical in examining financial markets. Interest in financial markets implies …

The inability to see and quantify systemic financial risk comes at an immense social cost.
Systemic risk in the financial system arises to a large extent as a consequence of the …

This paper provides evidence that interbank markets are tiered rather than flat, in the sense
that most banks do not lend to each other directly but through money center banks acting as …

We explore the network topology arising from a dataset of the overnight interbank
transactions on the e-MID trading platform from January 1999 to December 2010. In order to …