Systemic resilience of networked commodities

Roy Cerqueti, Raffaele Mattera () and Saverio Storani ()
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Roy Cerqueti: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome]
Raffaele Mattera: Università degli studi della Campania "Luigi Vanvitelli" = University of the Study of Campania Luigi Vanvitelli
Saverio Storani: UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome], GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement

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Abstract: This paper develops a class of complex network-based models whose interconnected nodes are commodities. We assume that the considered commodities are linked on the ground of the similarities of risk profiles and correlations of their returns. In this framework, we explore the resilience of the networks — i.e., their ability to absorb exogenous microscopic shocks. To this aim, we assume that high levels of resilience are associated with small variations of the community structure of the network when an exogenous shock occurs — hence, assuming that the stability of the networked commodities is measured through the maintenance of their connection levels. Shocks are conceptualized as impulsive modifications of the links among the considered commodities. The employed methodological instrument is the clustering coefficient, which is a nodal centrality measure describing the way the adjacent of the nodes are mutually connected. The theoretical proposal is empirically tested over a large set of commodities of different nature.

Keywords: Resilience; Commodity market; Network modeling (search for similar items in EconPapers)
Date: 2025-03
Note: View the original document on HAL open archive server: https://univ-angers.hal.science/hal-05109120v1
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Published in Energy Economics, 2025, 143, pp.108270. ⟨10.1016/j.eneco.2025.108270⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05109120

DOI: 10.1016/j.eneco.2025.108270

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