The topology of interbank payment flows
We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire Funds Service. We find that the network is compact despite low connectivity. The network includes a tightly connected core of money-center banks to which all other banks connect. The degree distribution is scale-free over a substantial range. We find that the properties of the network changed considerably in the immediate aftermath of the attacks of September 11, 2001.
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- Lacker, Jeffrey M., 2004.
"Payment system disruptions and the federal reserve following September 11, 2001,"
Journal of Monetary Economics,
Elsevier, vol. 51(5), pages 935-965, July.
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