英文标题：
《Pathways towards instability in financial networks》
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作者：
Marco Bardoscia, Stefano Battiston, Fabio Caccioli, Guido Caldarelli
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最新提交年份：
2017
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英文摘要：
Following the financial crisis of 2007-2008, a deep analogy between the origins of instability in financial systems and complex ecosystems has been pointed out: in both cases, topological features of network structures influence how easily distress can spread within the system. However, in financial network models, the details of how financial institutions interact typically play a decisive role, and a general understanding of precisely how network topology creates instability remains lacking. Here we show how processes that are widely believed to stabilise the financial system, i.e. market integration and diversification, can actually drive it towards instability, as they contribute to create cyclical structures which tend to amplify financial distress, thereby undermining systemic stability and making large crises more likely. This result holds irrespective of the details of how institutions interact, showing that policy-relevant analysis of the factors affecting financial stability can be carried out while abstracting away from such details.
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中文摘要：
2007-2008年金融危机之后，金融系统不稳定的根源与复杂生态系统之间存在着深刻的类比：在这两种情况下，网络结构的拓扑特征都会影响危机在系统内传播的容易程度。然而，在金融网络模型中，金融机构如何互动的细节通常起着决定性的作用，对网络拓扑结构如何产生不稳定性的确切理解仍然缺乏。在这里，我们展示了被广泛认为可以稳定金融体系的过程，即市场一体化和多样化，如何实际推动金融体系走向不稳定，因为它们有助于形成周期性结构，从而加剧金融危机，从而破坏系统稳定，增加发生大型危机的可能性。无论机构如何互动的细节如何，这一结果都成立，表明可以对影响金融稳定的因素进行政策相关分析，同时从这些细节中抽象出来。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Risk Management 风险管理
分类描述：Measurement and management of financial risks in trading, banking, insurance, corporate and other applications
衡量和管理贸易、银行、保险、企业和其他应用中的金融风险
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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