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FINEXUS: Center for Financial Networks and Sustainability

Research Output

Applications for Policy Makers & Practitioners

The CLIMAFIN Toolbox (PDF, 2 MB) provides risk and impact metrics to integrate climate physical and policy risk into standard financial risk measures (e.g. Value-at-Risk, Battiston et al. 2017) and classify banks’ individual projects and derive overall portfolio’s contribution to climate adaptation/mitigation as opposed to portfolio’s contribution to climate vulnerability (Monasterolo et al. 2017).

The FINEXUS Leverage Network Framework for Stress-testing is a Matlab software based on the works (Battiston et al. 2016 Leveraging the Network; Visentin et al. 2016) that allows to conduct a stability analysis of financial networks according to several models of financial contagion. It is currently being extended to include also the Asset Network Valuation Framework (NEVA, Barucca et al. 2017).

Published Peer-Reviewed Articles

The research output of the Center includes the publications achieved by the Chair of Prof. Battiston in the period 2014-2017.
  1. Monasterolo, I., & Battiston, S. (2017). Mapping the governance network of climate finance policies in the Eurozone. Climatic Change, 145, 3–4, pp 495–507

  2. Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. A Climate Stress-Test of the Financial System. Nature Climate Change, 7(4), 283-288 (2017). Article
  3. D’Errico, M., Battiston, S., Tuomas, P., & Scheicher, M. (2017). Passing the hot potato: how does risk flow in the CDS market? Journal of Financial Stability (in press)
  4. Bardoscia, M., Battiston, S., Caccioli, F., & Caldarelli, G. Pathways Towards Instability in Financial Networks. Nature Communications, 8, 14416 (2017). Article
  5. Roukny, T., Battiston, S., & Stiglitz, J. E. (2016). Interconnectedness as a Source of Uncertainty in Systemic Risk. Journal of Financial Stability (in press), SSRN 27266315.

  6. Tasca, P., Deghi, A., & Battiston, S. (2017). Portfolio Diversification and Financial Stability. Journal of Economic Dynamics and Control, 82, 96-124.
  7. Schuldenzucker, S., Seuken, S. & Battiston, S. Clearing Payments in Financial Networks with Credit Default Swaps. Proceedings of the 17th ACM Conference on Economics and Computation, EC. Vol. 16. 2016. Article
  8. Battiston, S., Caldarelli, G., May, R., Roukny, T. & Stiglitz, J. E. The Price of Complexity in Financial Networks. PNAS doi 10.1073/pnas.152157311 (2016). Article
  9. Battiston, S., D’Errico, M. & Gurciullo, S. DebtRank and the network of leverage. J. Altern. Investments 18, 68–81 (2016).
  10. Vitali, S., Battiston, S. & Gallegati, M. Financial fragility and distress propagation in a network of regions. J. Econ. Dyn. Control 62, 56–75 (2016).
  11. Battiston, S. et al. Complexity theory and financial regulation. Science. 351, 818–819 (2016). DOI: 10.1126/science.aad0299
  12. Tasca, P. & Battiston, S. Market Procyclicality and Systemic Risk. Quant. Financ. (2016). DOI: 10.1080/14697688.2015.1123817
  13. Battiston, S., Caldarelli, G., D’errico, M. & Gurciullo, S. Leveraging the network : a stress-test framework based on DebtRank. Stat. Risk Model. forthcoming, ssrn 2571218 1–33 (2016). doi:10.2139/ssrn.2571218
  14. Zeng, A. & Battiston, S. The Multiplex Network of EU Lobby Organizations. Forthcom. PLoS-ONE, SSRN 2571869 1–21 (2015).
  15. Bardoscia, M., Battiston, S., Caccioli, F. & Caldarelli, G. DebtRank: A microscopic foundation for shock propagation. PLoS One 10, e0134888 (2015).
  16. Sluban, B., Smailović, J., Battiston, S. & Mozetič, I. Sentiment leaning of influential communities in social networks. Comput. Soc. Networks 2, 9 (2015).
  17. Puliga, M., Caldarelli, G. & Battiston, S. Credit Default Swaps networks and systemic risk. Sci. Rep. 4, 1–24 (2014).

Working Papers

  1. Luu DT, Napoletano M, Barucca P, Battiston S Collateral Unchained: Rehypothecation networks, concentration and systemic effects.
  2. Glattfelder, J. B. & Battiston, S. Analyzing the Global Ownership Network (2017), in preparation.
  3. Stolbova V, Monasterolo I, Battiston S (2017) A financial macro-network approach to climate policy evaluation. ssrn 3073191
  4. Barucca, P., Bardoscia, Caccioli, F., D’Errico, M., Visentin, G. , Caldarelli, G., Battiston, S., Network Valuation in Financial Systems. (2016), ssrn 2795583.
  5. Visentin, G., D’Errico, Battiston, S., M., Rethinking Financial Contagion. (2016). Ssrn 2831143
  6. Schuldenzucker, S., Seuken, S. & Battiston, Default ambiguity: Credit default swaps create new systemic risks in financial networks, ssrn 3043708. R&R on Management Science
  7. Schuldenzucker, S., Seuken, S. & Battiston, S. Finding Clearing Payments in Financial Networks with Credit Default Swaps is PPAD-complete. Working Paper. December 2016. Paper