Core-periphery model of bank networks called into question

Researchers find multiple, asymmetric cores in interbank market, posing different systemic risks

Multiple cores and disconnected peripheries could be the more complex reality

Network analyses of financial markets often tend to come up with the same result. Whether they look at interbank lending, deposits, credit insurance or derivatives exposures, the pattern is a ‘core-periphery’ network, with a core of a few institutions (often the largest) all strongly connected to each other, and a periphery of (generally smaller) institutions with weak connections to a few members of the core.

But new research published in the Journal of Network Theory in Finance suggests the

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