Simultaneous failure of just two low-risk firms can cause up to 257 times the systemic damage of their separate failures, driven by the breakdown of supplier substitution.
The multi-layer network nature of systemic risk and its implications for the costs of financial crises.Journal of Financial Stability, 20:70–81, October 2015
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Catastrophic disruption cascades driven by the nonlinearity of systemic risk
Simultaneous failure of just two low-risk firms can cause up to 257 times the systemic damage of their separate failures, driven by the breakdown of supplier substitution.