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

doi:10.1038/s41467-020-16535-8

CSpace

	Evolution of the Chinese guarantee network under financial crisis and stimulus program
	Wang, Yingli 1,2; Zhang, Qingpeng 3; Yang, Xiaoguang 1,2
	2020-06-01
发表期刊	NATURE COMMUNICATIONS
ISSN	2041-1723
卷号	11 期号:1 页码:11
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.
DOI	10.1038/s41467-020-16535-8
收录类别	SCI
语种	英语
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
WOS类目	Multidisciplinary Sciences
WOS记录号	WOS:000542982400005
出版者	NATURE PUBLISHING GROUP
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/51682
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.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 2.Univ Chinese Acad Sci, Beijing 100049, Peoples R China 3.City Univ Hong Kong, Sch Data Sci, Kowloon, Hong Kong 00001, 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.