Evolution of the Chinese guarantee network under financial crisis and stimulus program

doi:10.1038/s41467-020-16535-8

	Evolution of the Chinese guarantee network under financial crisis and stimulus program
	Wang, Yingli 2,3; Zhang, Qingpeng 1; Yang, Xiaoguang 2,3
刊名	NATURE COMMUNICATIONS
	2020-06-01
卷号	11 期号:1 页码:11
ISSN号	2041-1723
DOI	10.1038/s41467-020-16535-8
英文摘要	Our knowledge about the evolution of guarantee network in downturn period is limited due to the lack of comprehensive data of the whole credit system. Here we analyze the dynamic Chinese guarantee network constructed from a comprehensive bank loan dataset that accounts for nearly 80% total loans in China, during 01/2007-03/2012. The results show that, first, during the 2007-2008 global financial crisis, the guarantee network became smaller, less connected and more stable because of many bankruptcies; second, the stimulus program encouraged mutual guarantee behaviors, resulting in highly reciprocal and fragile network structure; third, the following monetary policy adjustment enhanced the resilience of the guarantee network by reducing mutual guarantees. Interestingly, our work reveals that the financial crisis made the network more resilient, and conversely, the government bailout degenerated network resilience. These counterintuitive findings can provide new insight into the resilience of real-world credit system under external shocks or rescues. The systemic risk of real-world financial networks is understudied. Here the authors focused on the guarantee network among Chinese firms and found that the global financial crisis during 2007-2008 and economic policies in the aftermath had significant influence on the evolution of guarantee network structure.
资助项目	National Natural Science Foundation of China[71532013] ; National Natural Science Foundation of China[71850008] ; National Natural Science Foundation of China[71972164] ; National Natural Science Foundation of China[71672163]
WOS研究方向	Science & Technology - Other Topics
语种	英语
出版者	NATURE PUBLISHING GROUP
WOS记录号	WOS:000542982400005
内容类型	期刊论文
源URL	[http://ir.amss.ac.cn/handle/2S8OKBNM/51681]
专题	中国科学院数学与系统科学研究院
通讯作者	Zhang, Qingpeng; Yang, Xiaoguang
作者单位	1.City Univ Hong Kong, Sch Data Sci, Kowloon, Hong Kong 00001, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 3.Univ Chinese Acad Sci, Beijing 100049, Peoples R China
推荐引用方式 GB/T 7714	Wang, Yingli,Zhang, Qingpeng,Yang, Xiaoguang. Evolution of the Chinese guarantee network under financial crisis and stimulus program[J]. NATURE COMMUNICATIONS,2020,11(1):11.
APA	Wang, Yingli,Zhang, Qingpeng,&Yang, Xiaoguang.(2020).Evolution of the Chinese guarantee network under financial crisis and stimulus program.NATURE COMMUNICATIONS,11(1),11.
MLA	Wang, Yingli,et al."Evolution of the Chinese guarantee network under financial crisis and stimulus program".NATURE COMMUNICATIONS 11.1(2020):11.