"14429","17","archive","5",,,"disk0/00/01/44/29","2017-03-06 09:39:51","2021-08-27 17:41:49","2017-03-06 09:39:51","article",,,"show","","","0",,,"Poledna","S.","","","2083","","",,,,,"","","Basel III capital surcharges for G-SIBs are far less effective in managing systemic risk in comparison to network-based, systemic risk-dependent financial transaction taxes","pub","","","prog_asa","Basel III; Systemic Risk; Resilience; Agent-Based Modelling; Self-organisation; Network Optimisation; DebtRank; Banking regulation; Sustainability",,"In addition to constraining bilateral exposures of financial institutions, there exist essentially two options for future financial regulation of systemic risk: First, regulation could attempt to reduce the financial fragility of global or domestic systemically important financial institutions (G-SIBs or D-SIBs), as for instance proposed by Basel III. Second, it could focus on strengthening the financial system as a whole by reducing the probability of large-scale cascading events. This can be achieved by re-shaping the topology of financial networks. We use an agent-based model of a financial system and the real economy to study and compare the consequences of these two options. By conducting three computer experiments with the agent-based model we find that re-shaping financial networks is more effective and efficient than reducing financial fragility. Capital surcharges for G-SIBs could reduce systemic risk, but they would have to be substantially larger than those specified in the current Basel III proposal in order to have a measurable impact. This would cause a loss of efficiency.","2017-04","published","Elsevier","10.1016/j.jedc.2017.02.004",,,,,,"",,,,,"",,,,,"",,,,,"","",,"",,,,,,,"235","public",,,,"Journal of Economic Dynamics and Control","77",,,"230-246",,,,,,,,,,,"TRUE",,"1879-1743",,,,,,"","","","",,"","Complexity Research Initiative for Systemic InstabilitieS (CRISIS, FP7 288501)",,,,,,,"",,,,,"FALSE","yes","info:eu-repo/grantAgreement/EC/FP7/288501/EU//CRISIS; info:eu-repo/grantAgreement/EC/FP7/318132/EU//LASAGNE; info:eu-repo/grantAgreement/EC/FP7/317532/EU//MULTIPLEX","info:eu-repo/semantics/article","info:eu-repo/semantics/embargoedAccess"
"14429",,,,,,,,,,,,,,,,,,,"Bochmann","O.","","",,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"307",,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"multi-LAyer SpAtiotemporal Generalized NEtworks (LASAGNE, FP7 318132)",,,,,,,,,,,,,,,,
"14429",,,,,,,,,,,,,,,,,,,"Thurner","S.","","","1918",,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"Foundational Research on MULTIlevel comPLEX networks and systems (MULTIPLEX, FP7 317532)",,,,,,,,,,,,,,,,