Crises in economic complex networks: Black Swans or Dragon Kings?
Bruna Bruno () and
Economic Analysis and Policy, 2019, vol. 62, issue C, 105-115
After the global financial crisis of 2008, the literature paid new attention to economic crises, analysing them according to a network perspective. Assuming this perspective, this paper is aimed at offering an overview of the functioning of the global economy as a complex network, characterized by cascading failures when an extreme event (EE) occurs, and showing that the economic crisis of 2008 was an extreme event with well-identified features and consequently was forecastable.
Keywords: Economic crises; Complex networks; Extreme events (search for similar items in EconPapers)
JEL-codes: D85 H12 F62 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:62:y:2019:i:c:p:105-115
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