Completeness, interconnectedness and distribution of interbank exposures—a parameterized analysis of the stability of financial networks
通过随机生成银行间风险暴露矩阵并模拟多米诺效应，发现金融稳定性不仅取决于网络的完整性和互联性，还取决于风险暴露的分布（用熵衡量），且资产集中度越高越不稳定。
This paper assesses the impact of a certain structure of interbank exposures on the stability of a stylized financial system. Given a certain balance sheet structure of financial institutions, a large number of valid matrices of interbank exposures is created by a random generator. Assuming a certain loss given default, domino effects are simulated. The main results are, first, that financial stability depends not only on the completeness and interconnectedness of the network, but also on the distribution of interbank exposures within the system (measured by entropy). Second, looking at random graphs, the sign of the correlation between the degree of equality of the distribution of claims and financial stability depends on the connectivity of the financial system as well as on additional parameters that affect the vulnerability of the system to interbank contagion. Third, the more concentrated the assets are within a money center model, the less stable it is. Fourth, a money center model with asset concentration among core banks is less stable than a random graph with banks of homogeneous size.