Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/203318 
Year of Publication: 
2018
Series/Report no.: 
SAFE Working Paper No. 208
Version Description: 
This version: September 29, 2018
Publisher: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
Abstract: 
We analyze the global financial crisis and the European sovereign debt crisis showing that the European network exhibits a strong community structure with two main blocks acting as shock spreader and receiver, respectively. We provide evidence of the prominent role played by insurances in the spread of systemic risk in both crises and demonstrate that institutions with a large number of inter-community linkages (community bridges) are more relevant in spreading contagion than institutions with large centrality. Network measures based on the community structure can provide a better description of the financial connectedness and effective early warning indicators for financial losses.
Subjects: 
Systemic Risk
Financial Institutions
Network Communities
Financial Crises
JEL: 
G12
G29
C51
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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