{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,12]],"date-time":"2025-10-12T03:03:41Z","timestamp":1760238221082,"version":"build-2065373602"},"reference-count":55,"publisher":"MDPI AG","issue":"8","license":[{"start":{"date-parts":[[2020,7,23]],"date-time":"2020-07-23T00:00:00Z","timestamp":1595462400000},"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>We analyze the network of cross-border bank lending connections among countries from 1977 to 2018. The network includes core countries that lend money and peripheral countries that borrow money from core countries. In nowadays highly connected banking network, financial crisis that start from a country can spread to other countries very fast and cause global affects. We use principal component analysis (PCA) to find the influential lending (core) countries in this network over the years and clusters of borrowing (peripheral) countries related to these impactful core countries. We find three clusters of peripheral countries, with some constant and some changing members over time. This can be a sign of changes in the financial or political interactions among countries. The changes in the role of core countries and how these roles get affected by the important financial crisis in the past decades is investigated. Among 31 of core countries, 7 countries have a partially or constantly important role in the network including France, United Kingdom, United States, Japan, Germany, Chinese Taipei and Switzerland.<\/jats:p>","DOI":"10.3390\/e22080810","type":"journal-article","created":{"date-parts":[[2020,7,23]],"date-time":"2020-07-23T11:26:01Z","timestamp":1595503561000},"page":"810","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Driver Countries in Global Banking Network"],"prefix":"10.3390","volume":"22","author":[{"given":"Farzaneh","family":"Atyabi","sequence":"first","affiliation":[{"name":"Department of Physics, North Tehran Branch, Islamic Azad University, Tehran 1477893855, Iran"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Olha","family":"Buchel","sequence":"additional","affiliation":[{"name":"New England Complex Systems Institute, 277 Broadway, Cambridge, MA 02139, USA"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2185-5353","authenticated-orcid":false,"given":"Leila","family":"Hedayatifar","sequence":"additional","affiliation":[{"name":"New England Complex Systems Institute, 277 Broadway, Cambridge, MA 02139, USA"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2020,7,23]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"60","DOI":"10.1016\/j.jimonfin.2014.11.013","article-title":"Financial crises and the composition of cross-border lending","volume":"52","author":"Cerutti","year":"2015","journal-title":"J. Int. Money Financ."},{"key":"ref_2","doi-asserted-by":"crossref","unstructured":"Hale, G., Kapan, T., and Minoiu, C. (2016). Crisis Transmission through the Global Banking Network, Federal Reserve Bank of San Francisco.","DOI":"10.2139\/ssrn.2882655"},{"key":"ref_3","doi-asserted-by":"crossref","unstructured":"Hu, X., Zhao, H., Zheng, S., and Wang, L. (2020). CBOL: Cross-Bank Over-Loan Prevention, Revisited. Entropy, 22.","DOI":"10.3390\/e22060619"},{"key":"ref_4","doi-asserted-by":"crossref","unstructured":"Yue, P., Fan, Y., Batten, J., and Zhou, W. (2020). Information transfer between stock market sectors: A comparison between the USA and China. Entropy, 22.","DOI":"10.3390\/e22020194"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"248","DOI":"10.1016\/j.jfi.2010.06.003","article-title":"The dark side of bank wholesale funding","volume":"20","author":"Huang","year":"2011","journal-title":"J. Financ. Intermed."},{"key":"ref_6","doi-asserted-by":"crossref","unstructured":"Hale, G., Kapan, T., and Minoiu, C. (2019). Shock transmission through cross-border bank lending: Credit and real effects. Rev. Financ. Stud.","DOI":"10.17016\/feds.2019.052"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1093\/comnet\/cnu004","article-title":"On global stability of financial networks","volume":"2","author":"DasGupta","year":"2014","journal-title":"J. Complex Netw."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"255","DOI":"10.1016\/j.iref.2016.11.001","article-title":"From banks\u2019 strategies to financial (in) stability","volume":"47","author":"Berardi","year":"2017","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Mu\u00f1oz, M.S., Scuzzarella, M.R., and Cih\u00e1k, M.M. (2011). The Bright and the Dark Side of Cross-Border Banking Linkages, International Monetary Fund. Number 11-186.","DOI":"10.5089\/9781462309269.001"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"607","DOI":"10.1080\/14697688.2014.968358","article-title":"Does financial connectedness predict crises?","volume":"15","author":"Minoiu","year":"2015","journal-title":"Quant. Financ."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"2033","DOI":"10.1016\/j.jedc.2007.01.014","article-title":"Network models and financial stability","volume":"31","author":"Nier","year":"2007","journal-title":"J. Econ. Dynam. Control"},{"key":"ref_12","doi-asserted-by":"crossref","unstructured":"Poledna, S., Hinteregger, A., and Thurner, S. (2018). Identifying systemically important companies by using the credit network of an entire nation. Entropy, 20.","DOI":"10.3390\/e20100792"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"4691","DOI":"10.3390\/su11174691","article-title":"Measuring Global Financial Linkages: A Network Entropy Approach","volume":"11","author":"Poledna","year":"2019","journal-title":"Sustainability"},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Akhtar, Y., Kayani, G., and Yousaf, T. (2019). The Effects of Regulatory Capital Requirements and Ownership Structure on Bank Lending in Emerging Asian Markets. J. Risk Financ. Manag., 12.","DOI":"10.3390\/jrfm12030142"},{"key":"ref_15","unstructured":"Hattori, M., and Suda, Y. (2007, January 18\u201319). Developments in a cross-border bank exposure network. Proceedings of the CGFS Workshop Held at the Bank for International Settlements, Switzerland."},{"key":"ref_16","doi-asserted-by":"crossref","unstructured":"Minoiu, C., and Reyes, J.A. (2011). A Network Analysis of Global Banking: 1978\u20132009, International Monetary Fund.","DOI":"10.2139\/ssrn.1808447"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"168","DOI":"10.1016\/j.jfs.2013.03.001","article-title":"A network analysis of global banking: 1978\u20132010","volume":"9","author":"Minoiu","year":"2013","journal-title":"J. Financ. Stab."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"963","DOI":"10.1002\/ijfe.1701","article-title":"Interconnectedness of the banking sector as a vulnerability to crises","volume":"24","author":"Peltonen","year":"2019","journal-title":"Int. J. Finance Econ."},{"key":"ref_19","first-page":"183","article-title":"The Selection of winning stocks using principal component analysis","volume":"1","author":"Hargreaves","year":"2015","journal-title":"Am. J. Market. Res."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"75","DOI":"10.12973\/ijem.3.2.75","article-title":"Application of Principal Component Analysis (PCA) to Reduce Multicollinearity Exchange Rate Currency of Some Countries in Asia Period 2004\u20132014","volume":"3","author":"Rahayu","year":"2017","journal-title":"Int. J. Educ. Method."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"4499","DOI":"10.1016\/j.proeng.2011.08.845","article-title":"The application of principal component analysis on financial analysis in real estate listed company","volume":"15","author":"Li","year":"2011","journal-title":"Procedia Eng."},{"key":"ref_22","unstructured":"Yang, L. (2015). An Application of Principal Component Analysis to Stock Portfolio Management, University of Canterbury."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"153","DOI":"10.12732\/ijpam.v115i1.12","article-title":"Principal Component Analysis for stock portfolio management","volume":"115","author":"Pasini","year":"2017","journal-title":"Int. J. Pure Appl. Math."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"251","DOI":"10.1016\/j.jimonfin.2018.06.013","article-title":"US monetary policy and fluctuations of international bank lending","volume":"95","author":"Avdjiev","year":"2019","journal-title":"J. Int. Money Finance"},{"key":"ref_25","first-page":"1","article-title":"The cross-border credit channel and lending standards surveys","volume":"723","author":"Filardo","year":"2018","journal-title":"SSRN"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"120792","DOI":"10.1016\/j.physa.2019.04.028","article-title":"Emergence of world-stock-market network","volume":"526","author":"Saeedian","year":"2019","journal-title":"Phys. A Stat. Mech. Its Applic."},{"key":"ref_27","unstructured":"(2020, July 01). International Banking Statistics. 1977\u20132018. Available online: https:\/\/www.bis.org\/statistics\/bankstats.htm."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"559","DOI":"10.1080\/14786440109462720","article-title":"LIII. On lines and planes of closest fit to systems of points in space","volume":"2","author":"Pearson","year":"1901","journal-title":"Lond. Edinb. Dublin Philosoph. Magaz. J. Sci."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1037\/h0071325","article-title":"Analysis of a complex of statistical variables into principal components","volume":"24","author":"Hotelling","year":"1933","journal-title":"J. Educ. Psychol."},{"key":"ref_30","unstructured":"Jackson, J.E. (2005). A User\u2019s Guide to Principal Components, John Wiley & Sons."},{"key":"ref_31","first-page":"20150202","article-title":"Principal component analysis: A review and recent developments","volume":"374","author":"Jolliffe","year":"2016","journal-title":"Philosoph. Trans. R. Soc. A Math. Phys. Eng. Sci."},{"key":"ref_32","doi-asserted-by":"crossref","unstructured":"Saporta, G., and Niang, N. (2009). Principal component analysis: Application to statistical process control. Data Anal., 1\u201323.","DOI":"10.1002\/9780470611777.ch1"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"433","DOI":"10.1002\/wics.101","article-title":"Principal component analysis","volume":"2","author":"Abdi","year":"2010","journal-title":"Wiley Interdiscip. Rev. Comput. Stat."},{"key":"ref_34","doi-asserted-by":"crossref","unstructured":"Belasco, E., Philips, B.U., Gong, G., and Sanguansat, P. (2012). The Health Care Access Index as a determinant of delayed cancer detection through principal component analysis. Principal Component Analysis-Multidisciplinary Applications, Intech.","DOI":"10.5772\/38460"},{"key":"ref_35","first-page":"445","article-title":"Standardization of radiological evaluation of dynamic contrast enhanced MRI: Application in breast cancer diagnosis","volume":"13","author":"Feinberg","year":"2014","journal-title":"Technol. Cancer Res. Treat."},{"key":"ref_36","doi-asserted-by":"crossref","unstructured":"Giuliani, A., and Benigni, R. (2000, January 29\u201330). Principal Component Analysis for Descriptive Epidemiology. Proceedings of the International Symposium on Medical Data Analysis, Frankfurt am Main, Germany.","DOI":"10.1007\/3-540-39949-6_37"},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1016\/j.bspc.2013.01.005","article-title":"ECG beat classification using PCA, LDA, ICA and discrete wavelet transform","volume":"8","author":"Martis","year":"2013","journal-title":"Biomed. Signal Process. Control"},{"key":"ref_38","doi-asserted-by":"crossref","unstructured":"Agarwal, S., Jacobs, D.R., Vaidya, D., Sibley, C.T., Jorgensen, N.W., Rotter, J.I., Chen, Y.D.I., Liu, Y., Andrews, J.S., and Kritchevsky, S. (2012). Metabolic syndrome derived from principal component analysis and incident cardiovascular events: The multi ethnic study of atherosclerosis (MESA) and health, aging, and body composition (Health ABC). Cardiol. Res. Pract., 2012.","DOI":"10.1155\/2012\/919425"},{"key":"ref_39","doi-asserted-by":"crossref","unstructured":"Klyuzhin, I.S., Fu, J.F., Hong, A., Sacheli, M., Shenkov, N., Matarazzo, M., Rahmim, A., Stoessl, A.J., and Sossi, V. (2018). Data-driven, voxel-based analysis of brain PET images: Application of PCA and LASSO methods to visualize and quantify patterns of neurodegeneration. PLoS ONE, 13.","DOI":"10.1371\/journal.pone.0206607"},{"key":"ref_40","first-page":"77","article-title":"Application of PCA in the analysis of parameters related to agricultural greenhouse gases emissions in Europe","volume":"57","year":"2012","journal-title":"J. Res. Applic. Agric. Eng."},{"key":"ref_41","first-page":"37","article-title":"Application of fractal modeling and PCA method for hydrothermal alteration mapping in the Saveh area (Central Iran) based on ASTER multispectral data","volume":"50","author":"Ahmadfaraj","year":"2016","journal-title":"Int. J. Min. Geo Eng."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"890","DOI":"10.1037\/0022-3514.54.5.890","article-title":"A principal-components analysis of the Narcissistic Personality Inventory and further evidence of its construct validity","volume":"54","author":"Raskin","year":"1988","journal-title":"J. Personal. Soc. Psychol."},{"key":"ref_43","first-page":"37","article-title":"Image processing using principle component analysis","volume":"15","author":"Pandey","year":"2011","journal-title":"Int. J. Comp. Applic."},{"key":"ref_44","doi-asserted-by":"crossref","unstructured":"Hernandez, W., and Mendez, A. (2018). Application of Principle Component Analysis to Image Compression. Stat. Grow. Data Sets Grow. Demand Stat., 107\u2013137.","DOI":"10.5772\/intechopen.75007"},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"20190509","DOI":"10.1098\/rsif.2019.0509","article-title":"US social fragmentation at multiple scales","volume":"16","author":"Hedayatifar","year":"2019","journal-title":"J. R. Soc. Interface"},{"key":"ref_46","doi-asserted-by":"crossref","unstructured":"Poon, B., Amin, M.A., and Yan, H. (2009, January 12\u201315). PCA based face recognition and testing criteria. Proceedings of the 2009 International Conference on Machine Learning and Cybernetics, Hebei, China.","DOI":"10.1109\/ICMLC.2009.5212591"},{"key":"ref_47","first-page":"56","article-title":"Image compression and face recognition: Two image processing applications of principal component analysis","volume":"6","author":"Hladnik","year":"2013","journal-title":"Int. Circ. Graph. Educ. Res."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"1121","DOI":"10.1016\/j.jedc.2012.04.001","article-title":"Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk","volume":"36","author":"Battiston","year":"2012","journal-title":"J. Economic Dyn. Control"},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"2216","DOI":"10.1016\/j.jbankfin.2013.02.032","article-title":"The effect of the interbank network structure on contagion and common shocks","volume":"37","author":"Georg","year":"2013","journal-title":"J. Bank. Financ."},{"key":"ref_50","first-page":"27","article-title":"Structure of the financial system and the contagion effect: A network approach","volume":"7","author":"Fujii","year":"2011","journal-title":"Public Policy Rev."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/262109","article-title":"Financial contagion","volume":"108","author":"Allen","year":"2000","journal-title":"J. Polit. Econ."},{"key":"ref_52","first-page":"2401","article-title":"Contagion in financial networks","volume":"466","author":"Gai","year":"2010","journal-title":"Proc. R. Soc. A Math. Phys. Eng. Sci."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"2358","DOI":"10.1016\/j.jedc.2010.06.004","article-title":"Systemic risk, financial contagion and financial fragility","volume":"34","author":"Embriz","year":"2010","journal-title":"J. Econ. Dyn. Control"},{"key":"ref_54","doi-asserted-by":"crossref","unstructured":"Sole, M.J., and Espinosa-Vega, M.A. (2010). Cross-Border Financial Surveillance: A Network Perspective, International Monetary Fund. Number 10-105.","DOI":"10.5089\/9781455200641.001"},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"1035","DOI":"10.1016\/j.compchemeng.2006.09.004","article-title":"A study on the number of principal components and sensitivity of fault detection using PCA","volume":"31","author":"Tamura","year":"2007","journal-title":"Comp. Chem. Eng."}],"container-title":["Entropy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1099-4300\/22\/8\/810\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T09:51:16Z","timestamp":1760176276000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1099-4300\/22\/8\/810"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,7,23]]},"references-count":55,"journal-issue":{"issue":"8","published-online":{"date-parts":[[2020,8]]}},"alternative-id":["e22080810"],"URL":"https:\/\/doi.org\/10.3390\/e22080810","relation":{},"ISSN":["1099-4300"],"issn-type":[{"type":"electronic","value":"1099-4300"}],"subject":[],"published":{"date-parts":[[2020,7,23]]}}}