The topology of interbank payment flows |
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| Authors: | Kimmo Soramäki Morten L Bech Jeffrey Arnold Robert J Glass Walter E Beyeler |
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| Institution: | 1. Helsinki University of Technology, Finland;2. Federal Reserve Bank of New York, New York, NY, USA;3. Sandia National Laboratories, Albuquerque, NM, USA |
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| Abstract: | We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire® Funds Service. We find that the network has both a low average path length and low connectivity. The network includes a tightly connected core of banks to which most other banks connect. The degree distribution is scale free over a substantial range. We find that the properties of the network changed considerably in the immediate aftermath of the events of September 11, 2001. |
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| Keywords: | Complex networks Scale-free networks Payment systems Economic networks |
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