Systemic Risk and Stability in Financial Networks
论文发现金融传染程度存在相变：当负面冲击较小时，更密集的金融网络增强稳定性；但超过某临界点后，密集连接反而传播冲击，使系统更脆弱。
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 small, a more densely connected financial network (corresponding to a more diversified pattern of interbank liabilities) enhances financial stability. However, beyond a certain point, dense interconnections serve as a mechanism for the propagation of shocks, leading to a more fragile financial system. Our results thus highlight that the same factors that contribute to resilience under certain conditions may function as significant sources of systemic risk under others.