Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/4568
Título: Interlinkages and structural changes in crossborder liabilities : a network approach.
Autor: Spelta, Alessandro
Araújo, Tanya
Palavras-chave: Cross-border exposures
Interbank networks
Financial linkages
Debt shifting
Data: 2012
Editora: ISEG - Departamento de Economia
Citação: Alessandro Spelta, Tanya Araújo. 2012."Interlinkages and structural changes in crossborder liabilities : a network approach". Instituto Superior de Economia e Gestão. ISEG/DE working papers, nº19-2012/DE/UECE
Relatório da Série N.º: ISEG/DE working papers;nº 19/2012/DE/UECE
Resumo: We study the international interbank market through a geometrical and a topological analysis of empirical data. The geometrical analysis of the time series of cross-country liabilities shows that the systematic information of the interbank international market is contained in a space of small dimension, from which a topological characterization could be conveniently carried out. Weighted and complete networks of financial linkages across countries are developed, for which continuous clustering, degree centrality and closeness centrality are computed. The behavior of these topological coe ficients reveals an important modification acting in the financial linkages in the period 1997-2011. Here we show that, besides the generalized clustering increase, there is a persistent increment in the degree of connectivity and in the closeness centrality of some countries. These countries seem to correspond to critical locations where tax policies might provide opportunities to shift debts. Such critical locations highlight the role that specific countries play in the network structure and helps to situates the turbulent period that has been characterizing the global financial system since the Summer 2007 as the counterpart of a larger structural change going on for a more than one decade.
URI: http://hdl.handle.net/10400.5/4568
ISSN: 0874-4548
Versão do Editor: https://aquila.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=280581&contentContextPath_PATH=/departamentos/ec/lateral/menu-working-papers/nova-serie/2012&_request_checksum_=989db644804952a4414a24eefa3f1dbef12d3347
Aparece nas colecções:DE - Documentos de trabalho / Working Papers
UECE - Documentos de Trabalho / UECE - Working Papers

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