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Macroeconomic and financial networks: review of some recent developments in parametric and non-parametric approaches. (English) Zbl 1481.91215

Borkotokey, Surajit (ed.) et al., Game theory and networks. New perspectives and directions. Selected papers based on the presentations at the international conference on game theory and networks, Dibrugarh University, Dibrugarh, India, September 6–8, 2019, and the international seminar on game theory and networks, Dibrugarh University, Dibrugarh, India, September 13–14, 2018. Singapore: Springer. Indian Stat. Inst. Ser., 325-362 (2021).
Summary: In this article, we discuss some recent theoretical and empirical developments in the use of networks in finance and macroeconomics. Over the last decade or so, many of the traditional topics in economics and finance have been recast in the form of networks. Examples range from international trade, production process based on input-output structure, entangled financial markets to social linkages in labor markets, among others. Interestingly, the analysis of input-output based production structure goes back to the 1950s, when V. Leontief had described collection of production linkages using formalization based on matrix form in a static setup. However, in mainstream macroeconomic formulation, this view of the economy as an interdependent process was conspicuously absent until the recent financial crash of 2007–08. Since then, there has been a resurgence of the view in the form of networks. This has been reinvigorated by parallel developments of network theory and applications in physics, computer science, biology, and sociology. We have summarized some of these developments here along with references to the original works so that the reader can directly consult the relevant material. We would like to note that the coverage is non-exhaustive in its scope and possibly biased toward some topics more than others.
For the entire collection see [Zbl 1477.91002].

MSC:

91G45 Financial networks (including contagion, systemic risk, regulation)
91B60 Trade models
91B39 Labor markets
91D30 Social networks; opinion dynamics
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References:

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