The Double‐Edged Sword of Global Integration: Robustness, Fragility & Contagion in the International Firm Network
利用1991-2016年全行业企业股权收益数据构建网络，发现全球关联度高的企业更不易陷入困境，但更容易受到邻近困境企业的直接传染，揭示了金融中心地位和全球化加剧危机传播的风险。
Increased global integration of firm, production, and financial networks has the potential to benefit growth but also amplify the transmission of crises. We test whether higher global connectedness is associated with robust (beneficial) or fragile (harmful) behavior using networks derived from firm equity returns across all industries (1991–2016). More globally connected firms are less likely to be in distress, with higher profit, revenue, and equity price growth; however, they are more exposed to direct contagion from distressed neighboring firms. Our analysis reveals the centrality of finance, increased globalization, and greater potential for crises to spread globally when they do occur.