Contagion in Financial Networks
这篇综述梳理了金融网络如何通过连接分散风险，同时成为危机传染渠道，并讨论了网络结构、杠杆、共同风险敞口等变量对系统脆弱性的影响，适合想了解金融网络与系统性风险关系的读者。
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. Network connections diversify firms' risk exposures, but they also create channels through which shocks can spread by contagion. We review the extensive literature on this issue, with the focus on how network structure interacts with other key variables such as leverage, size, common exposures, and short-term funding. We discuss various metrics that have been proposed for evaluating the susceptibility of the system to contagion and suggest directions for future research.