Interconnectedness in the Italian financial sector: a multilayer network analysis

descrizione

The study examines the Italian financial system using a multilayer network framework that combines three types of intermediaries - banks, insurance companies, and investment funds - and four classes of financial exposures over the period 2019Q4-2025Q2. The approach makes it possible to assess interdependencies and potential shock transmission. Results indicate a stable structure centered on a highly connected banking core, surrounded by an intermediate insurance layer and a peripheral fund layer. By June 2025, about 70% of financial links connected different sectors.

issue date

28 July 2026