A MULTILAYER VIEW OF SYSTEMIC IMPORTANCE AND AGGREGATE FLUCTUATIONS.
Economic systems are composed of multiple interrelated groups of agents and with multiple sources of network externalities present. This can give rise to novel systemic risks. We propose a multilayer model to understand this phenomenon. The model features complementary or substitutionary actions of...
| Publicado en: | International Economic Review Vol. 64; no. 3; pp. 1023 - 1047 |
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| Formato: | Artículo |
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Wiley-Blackwell
Aug2023
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=169810270&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 169810270 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00206598 IER jtl: International Economic Review issn: 00206598 maglogo: Y pubinfo: dt: Aug2023 vid: 64 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 169810270 10.1111/iere.12622 ppf: 1023 ppct: 24 formats: tig: atl: A MULTILAYER VIEW OF SYSTEMIC IMPORTANCE AND AGGREGATE FLUCTUATIONS. aug: au: Tzavellas, Hector affil: Virginia Polytechnic Institute and State University, , U.S.A. su: Economic systems Systemic risk (Finance) sug: subj: Economic systems Systemic risk (Finance) ab: Economic systems are composed of multiple interrelated groups of agents and with multiple sources of network externalities present. This can give rise to novel systemic risks. We propose a multilayer model to understand this phenomenon. The model features complementary or substitutionary actions of agents active in multiple groups and extends the network concepts of systemic importance and microinduced aggregate fluctuations to their multigroup counterparts. The multilayer allows for the propagation of shocks through both intra‐ and interlayer margins. The interlayer margin can be large enough to induce a reordering of systemic importance indicators as compared to singular group considerations, and produce volatility levels that are larger than economies consisting of a single group of agents. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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