英文标题：
《Evolution of the Chinese Guarantee Network under Financial Crisis and
Stimulus Program》
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作者：
Yingli Wang, Qingpeng Zhang, and Xiaoguang Yang
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最新提交年份：
2020
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英文摘要：
Our knowledge about the evolution of guarantee network in downturn period is limited due to the lack of comprehensive data of the whole credit system. Here we analyze the dynamic Chinese guarantee network constructed from a comprehensive bank loan dataset that accounts for nearly 80% total loans in China, during 01/2007-03/2012. The results show that, first, during the 2007-2008 global financial crisis, the guarantee network became smaller, less connected and more stable because of many bankruptcies; second, the stimulus program encouraged mutual guarantee behaviors, resulting in highly reciprocal and fragile network structure; third, the following monetary policy adjustment enhanced the resilience of the guarantee network by reducing mutual guarantees. Interestingly, our work reveals that the financial crisis made the network more resilient, and conversely, the government bailout degenerated network resilience. These counterintuitive findings can provide new insight into the resilience of real-world credit system under external shocks or rescues.
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中文摘要：
由于缺乏整个信贷系统的全面数据，我们对担保网络在经济低迷时期的演变的了解有限。在这里，我们分析了从2007年1月至2012年3月期间占中国总贷款近80%的综合银行贷款数据集构建的动态中国担保网络。结果表明，第一，在2007-2008年全球金融危机期间，由于许多破产，担保网络变得更孝联系更少和更稳定；第二，刺激计划鼓励相互担保行为，导致高度互惠和脆弱的网络结构；第三，接下来的货币政策调整通过减少相互担保，增强了担保网络的弹性。有趣的是，我们的工作表明，金融危机使网络更具弹性，相反，政府的救助降低了网络的弹性。这些违反直觉的发现可以为现实世界信贷体系在外部冲击或救援下的弹性提供新的见解。
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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：Computer Science 计算机科学
二级分类：Computational Engineering, Finance, and Science 计算工程、金融和科学
分类描述：Covers applications of computer science to the mathematical modeling of complex systems in the fields of science, engineering, and finance. Papers here are interdisciplinary and applications-oriented, focusing on techniques and tools that enable challenging computational simulations to be performed, for which the use of supercomputers or distributed computing platforms is often required. Includes material in ACM Subject Classes J.2, J.3, and J.4 (economics).
涵盖了计算机科学在科学、工程和金融领域复杂系统的数学建模中的应用。这里的论文是跨学科和面向应用的，集中在技术和工具，使挑战性的计算模拟能够执行，其中往往需要使用超级计算机或分布式计算平台。包括ACM学科课程J.2、J.3和J.4（经济学）中的材料。
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