All Publications

ZORA Publication List

Publications

• Journal Article

  • 2025

    • Mandel, Antoine; Battiston, Stefano; Monasterolo, Irene (2025). Mapping global financial risks under climate change. Nature Climate Change, 15(3):329-334.

  • 2024

    • Monasterolo, Irene; Mandel, Antoine; Battiston, Stefano; Mazzocchetti, Andrea; Oppermann, Klaus; Coony, Jonathan; Stretton, Stephen; Stewart, Fiona; Dunz, Nepomuk (2024). The role of green financial sector initiatives in the low-carbon transition: A theory of change. Global Environmental Change, 89:102915.
    • Bressan, Giacomo; Đuranović, Anja; Monasterolo, Irene; Battiston, Stefano (2024). Asset-level assessment of climate physical risk matters for adaptation finance. Nature Communications, 15:5371.
    • Scolobig, Anna; Santos, Maria João; Willemin, Rémi; Kock, Richard; Battiston, Stefano; Petchey, Owen; Rohrer, Mario; Stoffel, Markus (2024). Learning from COVID-19: A roadmap for integrated risk assessment and management across shocks of pandemics, biodiversity loss, and climate change. Environmental Science & Policy, 155:103726.
    • Hałaj, Grzegorz; Martinez-Jaramillo, Serafin; Battiston, Stefano (2024). Financial stability through the lens of complex systems. Journal of Financial Stability, 71:101228.
    • Alessi, Lucia; Battiston, Stefano; Kvedaras, Virmantas (2024). Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal. Journal of Financial Stability, 71:101232.

  • 2022

    • Alessi, Lucia; Battiston, Stefano (2022). Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios. International Review of Financial Analysis, 84:102319.
    • Battiston, Stefano; Bressan, Giacomo; Monasterolo, Irene (2022). Sustainable investing and climate transition risk: a portfolio rebalancing approach. Journal of Portfolio Management, 48(10):165-192.

  • 2021

    • Roncoroni, Alan; Battiston, Stefano; D'Errico, Marco; Hałaj, Grzegorz; Kok, Christoffer (2021). Interconnected banks and systemically important exposures. Journal of Economic Dynamics and Control, 133:104266.
    • Bardoscia, Marco; Barucca, Paolo; Battiston, Stefano; Caccioli, Fabio; Cimini, Giulio; Garlaschelli, Diego; Saracco, Fabio; Squartini, Tiziano; Caldarelli, Guido (2021). The Physics of Financial Networks. Nature Reviews. Physics, 3:490-507.
    • Battiston, Stefano; Escobar-Farfán, Luis O L; Martinez-Jaramillo, Serafin; Roncoroni, Alan (2021). Climate risk and financial stability in the network of banks and investment funds. Journal of Financial Stability, 54:100870.
    • Battiston, Stefano; Monasterolo, Irene; Riahi, Keywan; van Ruijven, Bas J (2021). Accounting for finance is key for climate mitigation pathways. Science, 372(6545):918-920.
    • Battiston, Stefano; Barucca, Paolo; Napoletano, Mauro; Luu, Duc Thi (2021). Collateral Unchained: Rehypothecation networks, concentration and systemic effects. Journal of Financial Stability, 52:100811.
    • Battiston, Stefano; Martinez-Jaramillo, Serafin (2021). Network models and stress testing for financial stability: The conference. Journal of Financial Stability, 52:100812.

  • 2020

    • Barucca, Paolo; Bardoscia, Marco; Caccioli, Fabio; D'Errico, Marco; Visentin, Gabriele; Caldarelli, Guido; Battiston, Stefano (2020). Network valuation in financial systems. Mathematical Finance, 30(4):1181-1204.
    • Perillo, Chiara; Battiston, Stefano (2020). Financialization and unconventional monetary policy: a financial-network analysis. Journal of Evolutionary Economics, 30:1385-1428.
    • Delpini, Danilo; Battiston, Stefano; Caldarelli, Guido; Riccaboni, Massimo (2020). Portfolio diversification, differentiation and the robustness of holdings networks. Applied Network Science, 5:37.
    • Schuldenzucker, Steffen; Seuken, Sven; Battiston, Stefano (2020). Default Ambiguity: Credit Default Swaps Create New Systemic Risks in Financial Networks. Management Science, 66(5):1981-1998.

  • 2019

    • Battiston, Stefano; Delpini, Danilo; Caldarelli, Guido; Riccaboni, Massimo (2019). Systemic risk from investment similarities. PLoS ONE, 14(5):e0217141-e0217141.

  • 2018

    • Monasterolo, Irene; Zheng, Jiani Isabelle; Battiston, Stefano (2018). Climate Transition Risk and Development Finance: A Carbon Risk Assessment of China's Overseas Energy Portfolios. China & World Economy, 26(6):116-142.
    • Perillo, Chiara; Battiston, Stefano (2018). A multiplex financial network approach to policy evaluation: the case of euro area Quantitative Easing. Applied Network Science, 3:49.
    • Battiston, Stefano; Karpf, Andreas; Mandel, Antoine (2018). Price and network dynamics in the European carbon market. Journal of Economic Behavior & Organization, 153:103-122.
    • Battiston, Stefano; Monasterolo, Irene; Stolbova, Veronika (2018). A Financial Macro-Network Approach to Climate Policy Evaluation. Ecological Economics, 149:239-253.
    • Roukny, Tarik; Battiston, Stefano; Stiglitz, Joseph E (2018). Interconnectedness as a Source of Uncertainty in Systemic Risk. Journal of Financial Stability, 35:93-106.
    • D'Errico, Marco; Battiston, Stefano; Peltonen, Tuomas; Scheicher, Martin (2018). How does risk flow in the credit default swap market?. Journal of Financial Stability, 35:53-74.
    • Olsen, Richard; Battiston, Stefano; Caldarelli, Guido; Golub, Anton; Nikulin, Mihail; Ivliev, Sergey (2018). Case study of Lykke exchange: architecture and outlook. Journal of Risk Finance, 19(1):26-38.

  • 2017

    • Tasca, Paolo; Deghi, Andrea; Battiston, Stefano (2017). Portfolio Diversification and Systemic Risk in Interbank Networks. Journal of Economic Dynamics and Control, 82:96-124.
    • Battiston, Stefano; Mandel, Antoine; Monasterolo, Irene; Schuetze, Franziska; Visentin, Gabriele (2017). A Climate stress-test of the financial system. Nature Climate Change, 7:283-288.
    • Bardoscia, Marco; Battiston, Stefano; Caccioli, Fabio; Caldarelli, Guido (2017). Pathways towards instability in financial networks. Nature Communications, 8:14416.

  • 2016

    • Battiston, Stefano; Zeng, An (2016). The multiplex network of EU lobby organizations. PLoS ONE, 11(10):e0158062-e0158062.
    • Battiston, Stefano; Caldarelli, Guido; May, Robert M; Roukny, Tarik; Stiglitz, Joseph E (2016). The price of complexity in financial networks. Proceedings of the National Academy of Sciences of the United States of America, 113(36):10031-10036.
    • Battiston, Stefano; Caldarelli, Guido; D'Errico, Marco; Gurciullo, Stefano (2016). Leveraging the network: a stress-test framework based on DebtRank. Statistics & Risk Modeling, 33(3-4):117-138.
    • Battiston, Stefano; Tasca, Paolo (2016). Market procyclicality and systemic risk. Quantitative Finance, 16(8):1219-1235.
    • Battiston, Stefano; Farmer, J Doyne; Flache, Andreas; Garlaschelli, Diego; Haldane, Andrew G; Heesterbeek, Hans; Hommes, Cars; Jaeger, Carlo; May, Robert; Scheffer, Marten (2016). Complexity theory and financial regulation. Science, 351(6275):818-819.
    • Battiston, Stefano; D'Errico, Marco; Gurciullo, Stefano (2016). DebtRank and the network of leverage. The Journal of Alternative Investments, 18(4):68-81.
    • Vitali, Stefania; Battiston, Stefano; Gallegati, Mauro (2016). Financial fragility and distress propagation in a network of regions. Journal of Economic Dynamics and Control, 62:56-75.

  • 2015

    • Bardoscia, Marco; Battiston, Stefano; Caccioli, Fabio; Caldarelli, Guido (2015). DebtRank: A Microscopic Foundation for Shock Propagation. PLoS ONE, 10(7):e0130406.

  • 2014

    • Puliga, Michelangelo; Caldarelli, Guido; Battiston, Stefano (2014). Credit default swaps networks and systemic risk. Scientific Reports, 4(6822):online.
    • Vitali, Stefania; Battiston, Stefano (2014). The Community Structure of the Global Corporate Network. PLoS ONE, 9(8):e104655.

  • 2013

    • Delpini, Danilo; Battiston, Stefano; Riccaboni, Massimo; Gabbi, Giampaolo; Pammolli, Fabio; Caldarelli, Guido (2013). Evolution of controllability in interbank networks. Scientific Reports, 3(1626):online.
    • Musmeci, Nicolo; Battiston, Stefano; Puliga, Michelangelo; Gabrielli, Andrea (2013). Bootstrapping topology and systemic risk of complex network using the fitness model. Journal of Statistical Physics, 151(3-4):720-734.
    • Kaushik, Rahul; Battiston, Stefano (2013). Credit default swaps drawup networks: Too interconnected to be stable?. PLoS ONE, 8(7):e61815.
    • Galbiati, Marco; Delpini, Danilo; Battiston, Stefano (2013). The power to control. Nature Physics, 9(3):126-128.
    • Battiston, Stefano; Caldarelli, Guido; Georg, Co-Pierre; May, Robert; Stiglitz, Joseph (2013). Complex derivatives. Nature Physics, 9(3):123-125.
    • Battiston, Stefano; Caldarelli, Guido (2013). Systemic Risk in Financial Networks. Journal of Financial Management, Markets and Institutions, 1(2):129-154.
    • Roukny, Tarik; Bersini, Hugues; Pirotte, Hugues; Caldarelli, Guido; Battiston, Stefano (2013). Default cascades in complex networks: topology and systemic risk. Scientific Reports, 3(2759):online.

  • 2012

    • Battiston, Stefano; Delli Gatti, Domenico; Gallegati, Mauro; Greenwald, Bruce; Stiglitz, Joseph E (2012). Credit Default Cascades: When Does Risk Diversification Increase Stability?. Journal of Financial Stability, 8(3):138-149.
    • Battiston, Stefano; Delli Gatti, Domenico; Gallegati, Mauro; Greenwald, Bruce; Stiglitz, Joseph E (2012). Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk. Journal of Economic Dynamics and Control, 36(8):1121-1141.
    • Battiston, Stefano; Bordino, I; Caldarelli, G; Cristelli, M; Ukkonen, A; Weber, I (2012). Web Search Queries Can Predict Stock Market Volumes. PLoS ONE, 7(7):e40014.
    • Battiston, Stefano; Puliga, M; Kaushik, R; Tasca, P; Caldarelli, G (2012). DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk. Scientific Reports, 2:541.

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