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Ranking systemically important financial institutions of the Chinese financial system: evidence from the higher-order temporal network

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  • Sihua Tian
  • Shaofang Li
  • Qinen Gu

Abstract

Identifying systemically important financial institutions (SIFIs) plays a key role in regulating systemic risk. We construct higher-order temporal causal networks based on daily stock return data and rank the systemic importance of 45 listed financial institutions. The constructed networks provide evidence that financial institutions become more interrelated during crisis periods, and capture the higher-order dynamic characteristics of interconnectedness among institutions. The ranking results show that not only the largest financial institutions, but also smaller, highly interconnected institutions are systemically important and need to be regulated. Our findings highlight the importance of considering higher-order interconnectedness among financial institutions when labelling SIFIs.

Suggested Citation

  • Sihua Tian & Shaofang Li & Qinen Gu, 2025. "Ranking systemically important financial institutions of the Chinese financial system: evidence from the higher-order temporal network," Applied Economics Letters, Taylor & Francis Journals, vol. 32(7), pages 987-1001, April.
    • Handle: RePEc:taf:apeclt:v:32:y:2025:i:7:p:987-1001
    DOI: 10.1080/13504851.2023.2298420
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