A financial network model, where the coded identity of the counterparties of every trade is known, is
applied to both stable and crisis periods in a large and liquid overnight repo market in an emerging
market economy. We have analyzed the financial crisis by using various network investigation tools
such as links, interconnectivity, and reciprocity. In addition, we proposed a centrality measure to
monitor and detect the ‘systemically important financial institution’ in the financial system. We have
shown that our measure gives strong signals much before the crisis
