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

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