{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,8]],"date-time":"2026-05-08T21:28:37Z","timestamp":1778275717195,"version":"3.51.4"},"reference-count":38,"publisher":"Emerald","issue":"8","license":[{"start":{"date-parts":[[2023,4,4]],"date-time":"2023-04-04T00:00:00Z","timestamp":1680566400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2024,7,10]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of this paper is to test the invulnerability of the guarantee network at the equilibrium point.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This paper introduces a tractable guarantee network model that captures the invulnerability of the network in terms of cascade-based attack. Furthermore, the equilibrium points are introduced for banks to determine loan origination.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The proposed approach not only develops equilibrium analysis as an extended perspective in the guarantee network, but also applies cascading failure method to construct the guarantee network. The\u00a0equilibrium points are examined by simulating experiment. The invulnerability of the guarantee network is quantified by the survival of firms in the simulating progress.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title><jats:p>There is less study in equilibrium analysis of the guarantee network. Additionally, cascading failure model is expressed in the presented approach. Moreover, agent-based model can be extended in generating the guarantee network in the future study.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The approach of this paper presents a framework to analyze the equilibrium of the guarantee network. For this, the systemic risk of the whole guarantee network and each node's contribution are measured to predict the probability of default on cascading failure. Focusing on cascade failure process based on equilibrium point, the invulnerability of the guarantee network can be quantified.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-10-2022-1396","type":"journal-article","created":{"date-parts":[[2023,4,2]],"date-time":"2023-04-02T09:32:03Z","timestamp":1680427923000},"page":"2559-2573","source":"Crossref","is-referenced-by-count":2,"title":["Cascading failure in guarantee networks from the perspective of equilibrium"],"prefix":"10.1108","volume":"53","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4480-242X","authenticated-orcid":false,"given":"Chao","family":"Ren","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Xiaoxing","family":"Liu","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2658-9867","authenticated-orcid":false,"given":"Ziyan","family":"Zhu","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","published-online":{"date-parts":[[2023,4,4]]},"reference":[{"issue":"2","key":"key2024071013245314500_ref001","doi-asserted-by":"crossref","first-page":"564","DOI":"10.1257\/aer.20130456","article-title":"Systemic risk and stability in financial networks","volume":"105","year":"2015","journal-title":"American Economic Review"},{"key":"key2024071013245314500_ref002","doi-asserted-by":"crossref","first-page":"536","DOI":"10.1016\/j.jet.2016.09.009","article-title":"Network security and contagion","volume":"166","year":"2016","journal-title":"Journal of Economic Theory"},{"issue":"1","key":"key2024071013245314500_ref003","first-page":"185","article-title":"Systemic credit freezes in financial lending networks","volume":"15","year":"2020","journal-title":"Mathematics and Financial Economics"},{"issue":"1","key":"key2024071013245314500_ref004","doi-asserted-by":"crossref","first-page":"2","DOI":"10.1093\/rfs\/hhw088","article-title":"Measuring systemic risk","volume":"30","year":"2017","journal-title":"The Review of Financial Studies"},{"issue":"7","key":"key2024071013245314500_ref005","doi-asserted-by":"crossref","first-page":"1705","DOI":"10.1257\/aer.20120555","article-title":"CoVaR","volume":"106","year":"2016","journal-title":"American Economic Review"},{"key":"key2024071013245314500_ref039","article-title":"Financial connections and systemic risk\u201d, NBER, Working Paper Series, NBER","year":"2010"},{"issue":"s1","key":"key2024071013245314500_ref006","doi-asserted-by":"crossref","first-page":"121","DOI":"10.1111\/jmcb.12038","article-title":"What is systemic risk?: money, credit and banking","volume":"45","year":"2013","journal-title":"Journal of Money, Credit and Banking"},{"issue":"5439","key":"key2024071013245314500_ref007","doi-asserted-by":"crossref","first-page":"509","DOI":"10.1126\/science.286.5439.509","article-title":"Emergence of scaling in random networks","volume":"286","year":"1999","journal-title":"Science"},{"issue":"5","key":"key2024071013245314500_ref008","doi-asserted-by":"crossref","first-page":"60","DOI":"10.1038\/scientificamerican0503-60","article-title":"Scale-free networks","volume":"288","year":"2003","journal-title":"Scientific American"},{"issue":"1","key":"key2024071013245314500_ref009","doi-asserted-by":"crossref","first-page":"541","DOI":"10.1038\/srep00541","article-title":"DebtRank: too central to fail? 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