tag:blogger.com,1999:blog-1331441403058020963.post6858228471826251783..comments2024-03-28T06:49:24.930-04:00Comments on International Political Economy at the University of North Carolina: All Networks Are Not Equal (and Financial Crises Are Not Viruses)Thomas Oatleyhttp://www.blogger.com/profile/14092437150746625670noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1331441403058020963.post-28438493571873015982013-03-26T13:14:33.657-04:002013-03-26T13:14:33.657-04:00"is the US the only node through which a cris..."is the US the only node through which a crisis can originate ie what about a regional crisis in Europe that affects the EU core, could that then trigger a system wide breakdown"<br /><br />While possible, we believe this is very unlikely. As in, it doesn't appear to have happened in recent history. Consider the Japanese crisis in 1994: even that wasn't enough to trigger a broader crisis, because it wasn't enough to take down the US (and UK).<br /><br />As to your other point, we don't examine the question in any depth. But the Euro crisis suggests that there might be something to it. My suspicion is that the odds are somewhat low, but higher than a peripheral crisis infecting a global Core node.Kindred Winecoffhttps://www.blogger.com/profile/14330671232391851377noreply@blogger.comtag:blogger.com,1999:blog-1331441403058020963.post-62914982069783177302013-03-26T11:21:30.508-04:002013-03-26T11:21:30.508-04:00One more thing, can you carry the assumption of ho...One more thing, can you carry the assumption of how a crisis emerges on a global level (ie only one originating in the central node will lead to a system wide breakdown) and apply it on a regional level (ie only a crisis emerging in a regional central node will lead to a regional crisis – crises in the periphery won’t lead to a regional crisis or one in the core)Ronannoreply@blogger.comtag:blogger.com,1999:blog-1331441403058020963.post-42742447826502160492013-03-26T10:54:13.002-04:002013-03-26T10:54:13.002-04:00I read the paper a while ago (when I found it onli...I read the paper a while ago (when I found it online as a working paper, so it might have changed a little since then – and I can’t remember the specifics fully, so I’ll read it again) – but one question, is the US the only node through which a crisis can originate ie what about a regional crisis in Europe that affects the EU core, could that then trigger a system wide breakdown? (If you see what Im getting at)Ronannoreply@blogger.com