Every finite noncooperative game can be presented as a weighted network congestion game, and also as a network congestion game with player-specific costs. In the first presentation, different players may contribute differently to congestion, and in the second, they are differently (negatively)...

We propose a framework for estimating network-driven time-varying systemic risk contributions that is applicable to a high-dimensional financial system. Tail risk dependencies and contributions are estimated based on a penalized two-stage fixed-effects quantile approach, which explicitly links...

We study the liquidity allocation among European banks around the Lehman insolvency using a novel dataset of all interbank loans settled via the Eurosystem's payment system TARGET2. Following the Lehman insolvency, lenders in the overnight segment become sensitive to counterparty characteristics...

In this paper we contribute to the debate on macro-prudential regulation by assessing which structure of the financial system is more resilient to exogenous shocks, and which conditions, in terms of balance sheet compositions, capital requirements and asset prices, guarantee the higher degree of...

We propose a framework for estimating time-varying systemic risk contributions that is applicable to a high-dimensional and interconnected financial system. Tail risk dependencies and systemic risk contributions are estimated using a penalized two-stage fixed-effects quantile approach, which...

Network topologies attract much theoretical attention in recent studies. Researchers adopt network topology models and assert that specific type of network topology improves product and process innovation. This study attempts to explore how network topology relates to product and process...

This paper analyses synchronization in business cycles across the European Union (EU) since 1989. We include both old and new European Union members and countries which are currently negotiating accession, as well as potential European Union members. Our methodological approach is based on the...

In 2008, the Lehman Brothers' bankruptcy, accumulated from the global financial crisis, proved a unique role of the highly interconnected financial entities. Shocks in a bank might trigger loss, induce spillovers, provoke a contagion shock spreading to other entities, trigger the whole banking...

Different kinds of networks, such as transportation, communication, computer, and supply networks, are susceptible to similar kinds of inefficiencies. These arise when congestion externalities make each user-s cost depend on the other users, choices of routes. If each user chooses the least...

Equilibrium flow in a physical network with a large number of users (e.g., transportation, communication, and computer networks) may not be unique if the costs of the network elements are not the same for all uses. Such differences among users may arise if they are not equally affected by...