{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,22]],"date-time":"2026-04-22T10:37:25Z","timestamp":1776854245147,"version":"3.51.2"},"reference-count":36,"publisher":"MDPI AG","issue":"10","license":[{"start":{"date-parts":[[2018,10,16]],"date-time":"2018-10-16T00:00:00Z","timestamp":1539648000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>The notions of systemic importance and systemic risk of financial institutions are closely related to the topology of financial liability networks. In this work, we reconstruct and analyze the financial liability network of an entire economy using data of 50,159 firms and banks. Our analysis contains 80.2% of the total liabilities of firms towards banks and all interbank liabilities in the Austrian banking system. The combination of firm-bank networks and interbank networks allows us to extend the concept of systemic risk to the real economy. In particular, the systemic importance of individual companies can be assessed, and for the first time, the financial ties between the financial and the real economy become explicitly visible. We find that firms contribute to systemic risk in similar ways as banks do. We identify a set of mid-sized companies that carry substantial systemic risk. Their default would affect up to 40% of the Austrian financial market. We find that all firms together create more systemic risk than the entire financial sector. In 2008, the total systemic risk of the Austrian interbank network amounted to only 29% of the total systemic risk of the entire financial network consisting of firms and banks. The work demonstrates that the notions of systemically important financial institutions (SIFIs) can be directly extended to firms.<\/jats:p>","DOI":"10.3390\/e20100792","type":"journal-article","created":{"date-parts":[[2018,10,16]],"date-time":"2018-10-16T11:07:51Z","timestamp":1539688071000},"page":"792","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":34,"title":["Identifying Systemically Important Companies by Using the Credit Network of an Entire Nation"],"prefix":"10.3390","volume":"20","author":[{"given":"Sebastian","family":"Poledna","sequence":"first","affiliation":[{"name":"International Institute for Applied Systems Analysis, Schlossplatz 1, 2361 Laxenburg, Austria"},{"name":"Complexity Science Hub Vienna, Josefst\u00e4dter Stra\u00dfe 39, 1080 Vienna, Austria"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9674-2329","authenticated-orcid":false,"given":"Abraham","family":"Hinteregger","sequence":"additional","affiliation":[{"name":"Complexity Science Hub Vienna, Josefst\u00e4dter Stra\u00dfe 39, 1080 Vienna, Austria"},{"name":"Section for Science of Complex Systems, Medical University of Vienna, Spitalgasse 23, 1090 Vienna, Austria"}]},{"given":"Stefan","family":"Thurner","sequence":"additional","affiliation":[{"name":"International Institute for Applied Systems Analysis, Schlossplatz 1, 2361 Laxenburg, Austria"},{"name":"Complexity Science Hub Vienna, Josefst\u00e4dter Stra\u00dfe 39, 1080 Vienna, Austria"},{"name":"Section for Science of Complex Systems, Medical University of Vienna, Spitalgasse 23, 1090 Vienna, Austria"},{"name":"Santa Fe Institute, 1399 Hyde Park Road, Santa Fe, NM 87501, USA"}]}],"member":"1968","published-online":{"date-parts":[[2018,10,16]]},"reference":[{"key":"ref_1","unstructured":"Bank for International Settlements (2010). Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems, Bank for International Settlements."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"541","DOI":"10.1038\/srep00541","article-title":"DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk","volume":"2","author":"Battiston","year":"2012","journal-title":"Sci. Rep."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"627","DOI":"10.1016\/j.jebo.2012.05.016","article-title":"Too interconnected to fail financial network of US CDS market: Topological fragility and systemic risk","volume":"83","author":"Markose","year":"2012","journal-title":"J. Econ. Behav. Organ."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"535","DOI":"10.1016\/j.jfineco.2011.12.010","article-title":"Econometric measures of connectedness and systemic risk in the finance and insurance sectors","volume":"104","author":"Billio","year":"2012","journal-title":"J. Financ. Econ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"1888","DOI":"10.1038\/srep01888","article-title":"DebtRank-transparency: Controlling systemic risk in financial networks","volume":"3","author":"Thurner","year":"2013","journal-title":"Sci. Rep."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"1599","DOI":"10.1080\/14697688.2016.1156146","article-title":"Elimination of systemic risk in financial networks by means of a systemic risk transaction tax","volume":"16","author":"Poledna","year":"2016","journal-title":"Quant. Financ."},{"key":"ref_7","first-page":"1","article-title":"Systemic Risk Management in Financial Networks with Credit Default Swaps","volume":"3","author":"Leduc","year":"2017","journal-title":"J. Netw. Theory Financ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"230","DOI":"10.1016\/j.jedc.2017.02.004","article-title":"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","volume":"77","author":"Poledna","year":"2017","journal-title":"J. Econ. Dyn. Control"},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Adrian, T., and Brunnermeier, M. (2011). CoVaR, Technical Report.","DOI":"10.3386\/w17454"},{"key":"ref_10","unstructured":"Acharya, V., Pedersen, L., Philippon, T., and Richardson, M. (2012). Measuring Systemic Risk, CEPR. Available online: http:\/\/ssrn.com\/abstract=1573171."},{"key":"ref_11","unstructured":"Brownlees, C.T., and Engle, R.F. (2018, July 27). Volatility, Correlation and Tails for Systemic Risk Measurement. Available online: https:\/\/ssrn.com\/abstract=1611229."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"55","DOI":"10.1007\/s10693-011-0117-8","article-title":"Systemic risk contributions","volume":"42","author":"Huang","year":"2012","journal-title":"J. Financ. Serv. Res."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"30286","DOI":"10.1038\/srep30286","article-title":"Detecting early signs of the 2007\u20132008 crisis in the world trade","volume":"6","author":"Saracco","year":"2016","journal-title":"Sci. Rep."},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Upper, C., and Worms, A. (2002). Estimating Bilateral Exposures in the German Interbank Market: Is There a Danger of Contagion? Technical Report 9, Deutsche Bundesbank, Research Centre.","DOI":"10.2139\/ssrn.2785145"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"1070","DOI":"10.1007\/978-3-540-24688-6_138","article-title":"Contagion flow through banking networks","volume":"3038","author":"Boss","year":"2004","journal-title":"Lect. Notes Comput. Sci."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"677","DOI":"10.1080\/14697680400020325","article-title":"The network topology of the interbank market","volume":"4","author":"Boss","year":"2005","journal-title":"Quant. Financ."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1016\/j.physa.2006.11.093","article-title":"The topology of interbank payment flows","volume":"379","author":"Bech","year":"2007","journal-title":"Phys. A Stat. Mech. Appl."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"259","DOI":"10.1016\/j.jedc.2007.01.032","article-title":"A network analysis of the Italian overnight money market","volume":"32","author":"Iori","year":"2008","journal-title":"J. Econ. Dyn. Control"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"037101","DOI":"10.1103\/PhysRevE.79.037101","article-title":"Fluctuations in interbank network dynamics","volume":"79","author":"Cajueiro","year":"2009","journal-title":"Phys. Rev. E"},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"5223","DOI":"10.1016\/j.physa.2010.05.058","article-title":"The topology of the federal funds market","volume":"389","author":"Bech","year":"2010","journal-title":"Phys. A Stat. Mech. Appl."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"359","DOI":"10.1007\/s10614-014-9427-x","article-title":"Core\u2013periphery structure in the overnight money market: Evidence from the e-mid trading platform","volume":"45","author":"Fricke","year":"2014","journal-title":"Comput. Econ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1016\/j.jedc.2014.08.016","article-title":"Networked relationships in the e-MID Interbank market: A trading model with memory","volume":"50","author":"Iori","year":"2015","journal-title":"J. Econ. Dyn. Control"},{"key":"ref_23","doi-asserted-by":"crossref","unstructured":"Markose, S. (2012). Systemic Risk from Global Financial Derivatives: A Network Analysis of Contagion and its Mitigation with Super-Spreader Tax, International Monetary Fund. IMF Working Paper WP\/12\/282.","DOI":"10.5089\/9781475577501.001"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"70","DOI":"10.1016\/j.jfs.2015.08.001","article-title":"The multi-layer network nature of systemic risk and its implications for the costs of financial crises","volume":"20","author":"Poledna","year":"2015","journal-title":"J. Financ. Stab."},{"key":"ref_25","doi-asserted-by":"crossref","unstructured":"Le\u00f3n, C., Berndsen, R., and Renneboog, L. (2014). Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures, SSRN.","DOI":"10.2139\/ssrn.2532482"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"1","DOI":"10.5018\/economics-ejournal.ja.2009-7","article-title":"Structure and temporal change of the credit network between banks and large firms in Japan","volume":"3","author":"Fujiwara","year":"2009","journal-title":"Economics"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"851","DOI":"10.1007\/s00181-011-0512-x","article-title":"Bank\u2013firms topology in Italy","volume":"43","author":"Gallegati","year":"2012","journal-title":"Empir. Econ."},{"key":"ref_28","doi-asserted-by":"crossref","unstructured":"Aoyama, H. (2014). Systemic risk in Japanese credit network. Econophysics of Agent-Based Models, Springer.","DOI":"10.1007\/978-3-319-00023-7_12"},{"key":"ref_29","doi-asserted-by":"crossref","unstructured":"Marotta, L., Micciche, S., Fujiwara, Y., Iyetomi, H., Aoyama, H., Gallegati, M., and Mantegna, R.N. (2015). Bank-firm credit network in Japan: An analysis of a bipartite network. PLoS ONE, 10.","DOI":"10.1371\/journal.pone.0123079"},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"209","DOI":"10.14441\/eier.7.209","article-title":"An analysis of the Japanese credit network","volume":"7","author":"Fujiwara","year":"2011","journal-title":"Evol. Inst. Econ. Rev."},{"key":"ref_31","unstructured":"Miranda, R., and Tabak, B. (2013). Contagion Risk within Firm-Bank Bivariate Networks, Central Bank of Brazil, Research Department. Technical Report."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"36","DOI":"10.1016\/j.jedc.2016.03.002","article-title":"A model of the topology of the bank\u2014Firm credit network and its role as channel of contagion","volume":"66","author":"Lux","year":"2016","journal-title":"J. Econ. Dyn. Control"},{"key":"ref_33","unstructured":"Wirtschaftskammer \u00d6sterreich (2018, July 27). \u00d6NACE\u2014Klassifikation der Wirtschaftst\u00e4tigkeiten. Available online: http:\/\/wko.at\/statistik\/oenace\/oenace2008.pdf."},{"key":"ref_34","first-page":"37","article-title":"Efficient, high-quality force-directed graph drawing","volume":"10","author":"Hu","year":"2006","journal-title":"Math. J."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"361","DOI":"10.1609\/icwsm.v3i1.13937","article-title":"Gephi: An open source software for exploring and manipulating networks","volume":"8","author":"Bastian","year":"2009","journal-title":"Icwsm"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1016\/j.jfs.2017.05.012","article-title":"The missing links: A global study on uncovering financial network structures from partial data","volume":"35","author":"Anand","year":"2018","journal-title":"J. Financ. Stab."}],"container-title":["Entropy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1099-4300\/20\/10\/792\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T15:25:56Z","timestamp":1760196356000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1099-4300\/20\/10\/792"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2018,10,16]]},"references-count":36,"journal-issue":{"issue":"10","published-online":{"date-parts":[[2018,10]]}},"alternative-id":["e20100792"],"URL":"https:\/\/doi.org\/10.3390\/e20100792","relation":{},"ISSN":["1099-4300"],"issn-type":[{"value":"1099-4300","type":"electronic"}],"subject":[],"published":{"date-parts":[[2018,10,16]]}}}