A5060046382- Banking stability, regulation, efficiency
- Complex Systems and Time Series Analysis
- Economic theories and models
- Credit Risk and Financial Regulations
- Complex Network Analysis Techniques
- Sustainable Finance and Green Bonds
- Climate Change Policy and Economics
- Market Dynamics and Volatility
- Global Financial Crisis and Policies
- Opinion Dynamics and Social Influence
- Game Theory and Applications
- Energy, Environment, Economic Growth
- Business Strategy and Innovation
- Insurance and Financial Risk Management
- Corporate Finance and Governance
- Economic Theory and Policy
- Financial Markets and Investment Strategies
- Economic and Technological Innovation
- State Capitalism and Financial Governance
- Innovation and Knowledge Management
- Elite Sociology and Global Capitalism
- Housing Market and Economics
- Stochastic processes and financial applications
- Housing, Finance, and Neoliberalism
- Political Influence and Corporate Strategies
University of Zurich
2015-2024
Ca' Foscari University of Venice
2015-2024
Institute of Finance and Banking
2013-2023
Vienna University of Economics and Business
2022
Ecole des Hautes Etudes Commerciales du Nord
2022
Swiss Finance Institute
2009-2020
Northampton Community College
2018
SKEMA Business School
2018
Institut d'Etudes Politiques de Paris
2018
Scuola Superiore Sant'Anna
2018
The structure of the control network transnational corporations affects global market competition and financial stability. So far, only small national samples were studied there was no appropriate methodology to assess globally. We present first investigation architecture international ownership network, along with computation held by each player. find that form a giant bow-tie large portion flows tightly-knit core institutions. This can be seen as an economic "super-entity" raises new...
Systemic risk, here meant as the risk of default a large portion financial system, depends on network exposures among institutions. However, there is no widely accepted methodology to determine systemically important nodes in network. To fill this gap, we introduce, DebtRank, novel measure systemic impact inspired by feedback-centrality. As an application, analyse new and unique dataset USD 1.2 trillion FED emergency loans program global institutions during 2008-2010. We find that group 22...
Economic policy needs interdisciplinary network analysis and behavioral modeling
We live in a computerized and networked society where many of our actions leave digital trace affect other people’s actions. This has lead to the emergence new data-driven research field: mathematical methods computer science, statistical physics sociometry provide insights on wide range disciplines ranging from social science human mobility. A recent important discovery is that search engine traffic (i.e., number requests submitted by users engines www) can be used track and, some cases,...
Following the financial crisis of 2007-2008, a deep analogy between origins instability in systems and complex ecosystems has been pointed out: both cases, topological features network structures influence how easily distress can spread within system. However, models, details institutions interact typically play decisive role, general understanding precisely topology creates remains lacking. Here we show processes that are widely believed to stabilise system, i.e. market integration...
Financial institutions form multilayer networks by engaging in contracts with each other and holding exposures to common assets. As a result, the default probability of one institution depends on all network. Here, we show how small errors knowledge network can lead large systemic defaults. From point view financial regulators, our findings that complexity may decrease ability mitigate risk, thus it increase social cost crises.
Investors' expectations can hamper a low-carbon transition
The recent crisis has brought to the fore a crucial question that remains still open: what would be optimal architecture of financial systems? We investigate stability several benchmark topologies in simple default cascading dynamics bank networks. analyze interplay drivers, i.e., network topology, banks' capital ratios, market illiquidity, and random vs targeted shocks. find that, general, topology matters only--but substantially--when is illiquid. No single always superior others. In...
The DebtRank algorithm has been increasingly investigated as a method to estimate the impact of shocks in financial networks, it overcomes limitations traditional default-cascade approaches. Here we formulate dynamical “microscopic” theory instability for networks by iterating balance sheet identities individual banks and assuming simple rule transfer from borrowers lenders. By doing so, generalise formulation, both providing an interpretation effective dynamics terms basic accounting...
We present a methodology to extract the backbone of complex networks based on weight and direction links, as well nontopological properties nodes. show how can be applied in general which mass or energy is flowing along links. In particular, procedure enables us address important questions economics, namely, control wealth are structured concentrated across national markets. report first cross-country investigation ownership networks, focusing stock markets 48 countries around world. On one...
Market-based solutions to climate change are widely advocated by financial actors and policy makers in order foster a smooth transition low-carbon economy. A first important limiting factor this approach is recognized be the imperfect information on investors’ portfolios’ exposure climate-related risks. While better disclosure of climate-relevant often recommended as remedy, current lack concise comparable measures risk fails provide major investors with full incentives reallocate their...
We develop the first top-down method to estimate greenness of financial portfolios, in terms alignment EU Taxonomy for sustainable activities. also a estimate, at same time, portfolio exposure climate transition risk. provide sector-level, standardized and transparent coefficients both estimates, based on definitions risk that are applicable across countries. analyse portfolios Euro Area investors 2022, confidential Securities Holdings Statistics European Central Bank. find that, overall,...