No. 1049 - Interconnectedness in the Italian financial sector: a multilayer network analysis
The paper analyses the structure of the Italian financial system using a multilayer network approach, in which interconnections are represented by combining three types of intermediaries (banks, insurance companies and investment funds) and four classes of exposures (loans, equities, bonds and fund shares) over the period 2019Q4-2025Q2. The methodology makes it possible to study both interdependencies and the potential propagation of shocks within the system.
The analysis shows that the Italian financial system is organized around a central core - that is, a set of highly interconnected nodes - made up of banks, alongside an intermediate component consisting of insurance companies and a peripheral component consisting of funds. As of June 2025, around 70 per cent of financial interconnections involved different sectors. Consolidation operations led to significant but temporary changes in the network; overall, however, its architecture remained stable.
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