Systemic risk and centrality: The role of interactions
研究了银行在金融网络中的中心性如何影响其对系统性风险的贡献，发现中心性主要通过间接效应放大其他风险指标（如违约概率）的影响，忽视这一效应会严重误判银行的风险水平。
Abstract We analyze to what extent the contribution of banks to systemic risk depends on their centrality in financial networks. We find that centrality is an important determinant of systemic risk, but not primarily by its direct effect. Its main influence is to make other risk measures, such as probability of default, more important for highly connected banks. Neglecting the indirect effect of centrality may severely underestimate or overestimate the systemic risk of banks. We also show that, even though size and centrality are related, the inclusion of centrality provides valuable information when assessing the systemic importance of banks.