Interbank markets are often characterised in terms of a core-periphery network structure, with a highly interconnected core of banks holding the market together, and a periphery of banks connected mostly to the core but not internally. This paradigm
has recently been challenged for short time scales, where interbank markets seem better characterised by a bipartite structure with more core-periphery connections than inside the core. Using a novel core-periphery detection method on the eMID interbank market, we enrich this picture by showing that the network is actually characterised by multiple core-periphery pairs. Moreover, a transition from core-periphery to bipartite structures occurs by shortening the temporal scale of data aggregation. We further show how the global financial crisis transformed the market, in terms of composition, multiplicity and internal organisation of core-periphery pairs. By unveiling such a fine-grained organisation and transformation of the interbank market, our method can find important applications in the understanding of how distress can propagate over financial networks.
Using bibliometric data artificially generated through a model of citation dynamics calibrated on empirical data, we compare several indicators for the scientific impact of individual researchers. The use of such a controlled setup has the advantage
of avoiding the biases present in real databases, and allows us to assess which aspects of the model dynamics and which traits of individual researchers a particular indicator actually reflects. We find that the simple citation average performs well in capturing the intrinsic scientific ability of researchers, whatever the length of their career. On the other hand, when productivity complements ability in the evaluation process, the notorious $h$ and $g$ indices reveal their potential, yet their normalized variants do not always yield a fair comparison between researchers at different career stages. Notably, the use of logarithmic units for citation counts allows us to build simple indicators with performance equal to that of $h$ and $g$. Our analysis may provide useful hints for a proper use of bibliometric indicators. Additionally, our framework can be extended by including other aspects of the scientific production process and citation dynamics, with the potential to become a standard tool for the assessment of impact metrics.
Common asset holding by financial institutions, namely portfolio overlap, is nowadays regarded as an important channel for financial contagion with the potential to trigger fire sales and thus severe losses at the systemic level. In this paper we pro
pose a method to assess the statistical significance of the overlap between pairs of heterogeneously diversified portfolios, which then allows us to build a validated network of financial institutions where links indicate potential contagion channels due to realized portfolio overlaps. The method is implemented on a historical database of institutional holdings ranging from 1999 to the end of 2013, but can be in general applied to any bipartite network where the presence of similar sets of neighbors is of interest. We find that the proportion of validated network links (i.e., of statistically significant overlaps) increased steadily before the 2007-2008 global financial crisis and reached a maximum when the crisis occurred. We argue that the nature of this measure implies that systemic risk from fire sales liquidation was maximal at that time. After a sharp drop in 2008, systemic risk resumed its growth in 2009, with a notable acceleration in 2013, reaching levels not seen since 2007. We finally show that market trends tend to be amplified in the portfolios identified by the algorithm, such that it is possible to have an informative signal about financial institutions that are about to suffer (enjoy) the most significant losses (gains).
A major problem in the study of complex socioeconomic systems is represented by privacy issues$-$that can put severe limitations on the amount of accessible information, forcing to build models on the basis of incomplete knowledge. In this paper we i
nvestigate a novel method to reconstruct global topological properties of a complex network starting from limited information. This method uses the knowledge of an intrinsic property of the nodes (indicated as fitness), and the number of connections of only a limited subset of nodes, in order to generate an ensemble of exponential random graphs that are representative of the real systems and that can be used to estimate its topological properties. Here we focus in particular on reconstructing the most basic properties that are commonly used to describe a network: density of links, assortativity, clustering. We test the method on both benchmark synthetic networks and real economic and financial systems, finding a remarkable robustness with respect to the number of nodes used for calibration. The method thus represents a valuable tool for gaining insights on privacy-protected systems.
In the Internet era, online social media emerged as the main tool for sharing opinions and information among individuals. In this work we study an adaptive model of a social network where directed links connect users with similar tastes, and over whi
ch information propagates through social recommendation. Agent-based simulations of two different artificial settings for modeling user tastes are compared with patterns seen in real data, suggesting that users differing in their scope of interests is a more realistic assumption than users differing only in their particular interests. We further introduce an extensive set of similarity metrics based on users past assessments, and evaluate their use in the given social recommendation model with both artificial simulations and real data. Superior recommendation performance is observed for similarity metrics that give preference to users with small scope---who thus act as selective filters in social recommendation.
People in the Internet era have to cope with the information overload, striving to find what they are interested in, and usually face this situation by following a limited number of sources or friends that best match their interests. A recent line of
research, namely adaptive social recommendation, has therefore emerged to optimize the information propagation in social networks and provide users with personalized recommendations. Validation of these methods by agent-based simulations often assumes that the tastes of users and can be represented by binary vectors, with entries denoting users preferences. In this work we introduce a more realistic assumption that users tastes are modeled by multiple vectors. We show that within this framework the social recommendation process has a poor outcome. Accordingly, we design novel measures of users taste similarity that can substantially improve the precision of the recommender system. Finally, we discuss the issue of enhancing the recommendations diversity while preserving their accuracy.
