Financial Contagion in the Laboratory: Does Network Structure Matter?
通过实验室实验，研究了银行间网络结构（完整与不完整）和提前清算成本对金融传染可能性的影响，发现高清算成本下完整网络更稳定，低清算成本下网络结构影响较小。
Abstract We explore the role of interbank network structure and premature liquidation costs for the likelihood of financial contagions in a laboratory experiment. We consider complete versus incomplete networks of banks linked together by interbank deposits, and we further vary premature liquidation costs. Subjects play the role of depositors deciding whether or not to withdraw funds from their interconnected bank. We find that when liquidation costs are high, a complete network structure is significantly less vulnerable to financial contagions than an incomplete network structure. However, when liquidation costs are low, network structure is less important for the frequency of financial contagions.