Authority Centrality and Hub Centrality as Metrics of Systemic Importance of Financial Market Infrastructures

Number: 
754
Published: 
Classification JEL: 
D85, E42, G2
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

Network analysis has been applied to identify systemically important financial institutions after the 2008 financial crisis. Such applications have stressed the importance of centrality within the too-connected-to-fail concept. Yet, despite their well-kno