Systemic risk assessment through high order clustering coefficient

In this article we propose a novel measure of systemic risk in the context of financial networks. To this aim, we provide a definition of systemic risk which is based on the structure, developed at different levels, of clustered neighbours around the nodes of the network. The proposed measure incorporates the generalized concept of clustering coefficient of order $l$ of a node $i$ introduced in Cerqueti et al. (2018). Its properties are also explored in terms of systemic risk assessment. Empirical experiments on the time-varying global banking network show the effectiveness of the presented systemic risk measure and provide insights on how systemic risk has changed over the last years, also in the light of the recent financial crisis and the subsequent more stringent regulation for globally systemically important banks.Comment: Submitte

Complex Networks Unveiling Spatial Patterns in Turbulence

Numerical and experimental turbulence simulations are nowadays reaching the size of the so-called big data, thus requiring refined investigative tools for appropriate statistical analyses and data mining. We present a new approach based on the complex network theory, offering a powerful framework to explore complex systems with a huge number of interacting elements. Although interest on complex networks has been increasing in the last years, few recent studies have been applied to turbulence. We propose an investigation starting from a two-point correlation for the kinetic energy of a forced isotropic field numerically solved. Among all the metrics analyzed, the degree centrality is the most significant, suggesting the formation of spatial patterns which coherently move with similar vorticity over the large eddy turnover time scale. Pattern size can be quantified through a newly-introduced parameter (i.e., average physical distance) and varies from small to intermediate scales. The network analysis allows a systematic identification of different spatial regions, providing new insights into the spatial characterization of turbulent flows. Based on present findings, the application to highly inhomogeneous flows seems promising and deserves additional future investigation.Comment: 12 pages, 7 figures, 3 table

Owners' perceptions of factors that constrain the survival and growth of small, medium and micro agribusinesses in KwaZulu-Natal, South Africa

Public and private sector institutions in KwaZulu-Natal (KZN), South Africa (SA) can identify policies and strategies to increase the survival and growth rates of small, medium and micro-enterprise (SMME) agribusinesses if they have more information about the factors that constrain business performance. The sustained growth of these SMMEs could, in turn, help to reduce poverty, income inequality and unemployment problems in the province. The owners of 44 agribusiness SMMEs in a stratified random sample of Ithala Development Finance Corporation clients in KZN were, therefore, surveyed during October 2003 and January 2004 to identify what factors they perceive constrain business survival and growth. The respondents identified eight dimensions of constraints, namely: a lack of access to services; funding constraints at start-up; lack of management capacity in the enterprise; access to tender contracts; compliance costs associated with VAT and labour legislation; liquidity stress; lack of collateral; and lack of institutional support. The provision of appropriate infrastructure and training, development of innovative loan products, and policies to reduce the cost of compliance with legislation affecting agribusiness SMMEs are some possible solutions to help deal with these constraints.Agribusiness,

Community-based tourism and networking: Viscri, Romania

This paper raises questions concerning the complexity of the term “community” when dealing with community-based tourism initiatives. It highlights the difficulty of translating into practice the paradigm of “community-based tourism”. Through a case study of tourism in the multi-ethnic village of Viscri, Romania, the paper discusses the operational role that a network of both internal and external actors may play in piloting tourism initiatives that produce benefits for communities that are unaccustomed to participatory development processes due to various barriers. The study highlights the key role played by a local leader and an external foundation in building a network that, thanks to the bonding and bridging relations activated, led the community towards a form of sustainable tourism development and a broader amelioration of the social conditions. The network described can be replicated in other geographical contexts, provided there is strong local leadership and also international interests and donors. In the long term, however, the network needs to be strengthened by involving other actors, above all local authorities. They are needed to assure the basis for long-term empowerment, participation in decision-making and progressive diversification of economic activities

The business of social responsibility: Evidence from the garment industry in Northeast Thailand

Many business managers demonstrate a reluctance to engage fully with corporate social responsibility (CSR). They often perceive CSR as a cost and their CSR activities tend to be piecemeal and defensive. Such suboptimal outcomes can stem from a failure to appreciate a firm’s social assets. We suggest that firms have the potential to engage much more fully with CSR, in a manner that is consistent with a profit-maximizing approach to business. But managers need help in both gaining an awareness of the social contributions that they can make and in navigating their way through CSR issues. To this end, we outline a program of four-Ds, namely dialogue, data, design and delivery, to assist managers integrate CSR issues into their overall business strategies. Our case study of the garment industry in Thailand illustrates how CSR issues can be leveraged to increase worker productivity and deliver positive social and community health outcomes, despite operating in an area that is often subject to criticism

Formal and informal financing in a Chicago neighborhood

This article documents not only the actual use of banks, but also the widespread use of alternative financing mechanisms, using data from a survey of households and businesses in a Hispanic neighborhood of Chicago.Bank loans ; Chicago (Ill.) ; Consumer behavior ; Mortgages

No. 09: The State of Household Food Security in Nanjing, China

This report on the state of food security in Nanjing, China, is based on a 2015 city-wide survey conducted by Nanjing University and the Hungry Cities Partnership. The research found that most of the city’s residents are food secure, with access to desirable foods and high dietary diversity throughout the year. Nanjing has a high level of economic development, low unemployment, and spatially dense food supply networks. However, a high average level of food security obscures the finding that about one household in five is food insecure according to the Household Food Insecurity Access Prevalence indicator. Female-centred households, households that have no formal wage worker, and households with only one member tend to be the most food insecure. The proximity of wet markets and supermarkets to food retail and food procurement by households across Nanjing emerges clearly in this survey, and the relationship between wet markets and supermarkets appears to be more complementary than competitive. The survey found that three in four respondents feel exposed to threats of unsafe food from the production and processing stages of food supply chains, especially from the overuse of agrochemicals in the agriculture and livestock industry. There is a widespread perception that the ineffective enforcement of regulations by local governments is the major cause of food safety problems