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Throughout economic history, the global economy has experienced recurringcrises. The persistent recurrence of such economic crises calls for anunderstanding of their generic features rather than treating them as singularevents. The global economic system is a highly complex system and can best beviewed in terms of a network of interacting macroeconomic agents. In thisregard, from the perspective of collective network dynamics, here we explorehow the topology of global macroeconomic network affects the patterns ofspreading of economic crises. Using a simple toy model of crisis spreading, wedemonstrate that an individual country's role in crisis spreading is not onlydependent on its gross macroeconomic capacities, but also on its local andglobal connectivity profile in the context of the world economic network. Wefind that on one hand clustering of weak links at the regional scale cansignificantly aggravate the spread of crises, but on the other hand the currentnetwork structure at the global scale harbors a higher tolerance of extremecrises compared to more "globalized" random networks. These results suggestthat there can be a potential hidden cost in the ongoing globalization movementtowards establishing less-constrained, trans-regional economic links betweencountries, by increasing the vulnerability of global economic system to extremecrises.

Impact of the topology of global macroeconomic network on the spreading of economic crises