UTL Repository >
ISEG - Instituto Superior de Economia e Gestão / ISEG - School of Economics & Management Lisbon >
Departamento de Economia / Department of Economics >
DE - Documentos de trabalho / Working Papers >

Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/4568

Title: Interlinkages and structural changes in crossborder liabilities : a network approach.
Authors: Spelta, Alessandro
Araújo, Tanya
Keywords: Cross-border exposures
Interbank networks
Financial linkages
Debt shifting
Issue Date: 2012
Publisher: ISEG - Departamento de Economia
Citation: 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
Series/Report no.: ISEG/DE working papers;nº 19/2012/DE/UECE
Abstract: 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
Publisher version: 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
Appears in Collections:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

Files in This Item:

File Description SizeFormat
wp1912.pdf458.06 kBAdobe PDFView/Open
Statistics
FacebookTwitterDeliciousLinkedInDiggGoogle BookmarksMySpaceOrkut
Formato BibTex mendeley Endnote Logotipo do DeGóis 

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

 

 
Estamos no RCAAP Governo Português separator Ministério da Educação e Ciência   Fundação para a Ciência e a Tecnologia

Financiado por:

POS_C UE