Abstract
A mathematical model is presented that describes the default contagion in an interbank network. The proposed description is in terms of Boolean dynamical systems. The developed framework utilizes the usage of mathematical tools to the study of interbank networks and the contagion dynamics. In particular, it contributes to the assessment of the robustness of the network and its institutions and their resilience to systemic risk. Furthermore, we exploit the theory of Koopman operators in order to study the dynamical system describing the default contagion.
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