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Crises in economic complex networks: Black Swans or Dragon Kings?

Marisa Faggini, Bruna Bruno () and Anna Parziale

Economic Analysis and Policy, 2019, vol. 62, issue C, 105-115

Abstract: 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)
Date: 2019
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DOI: 10.1016/j.eap.2019.01.009

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