Alessandra Cornaro
Current Organizations / Institutes
The organizations/institutes from the scholar's latest article
Previous Organizations / Institutes
The organizations / institutes from the scholar's other articles in the past ten years
Research Subjects
Alessandra Cornaro has a total of 15 co-authors. Here are the top co-authors by number of shared publications:
- Anna Torriero
Department of Mathematics and Econometrics, Catholic University, Milan, Italy
13 shared publications - Monica Bianchi
Università Cattolica del Sacro Cuore di Milano
11 shared publications - Gian Paolo Clemente
Università Cattolica del Sacro Cuore
10 shared publications José Luis Palacios
5 shared publications- Anna Agliari
Catholic University
2 shared publications - Giorgio Rizzini
Classe di Scienze, Scuola Normale Superiore, Pisa, Italy
2 shared publications
Latest Publications
- Open Access
- 4 August 2026
- Published by Springer Nature in Decisions in Economics and Finance
- p. 1-37
A network analysis of systemic risk in the European banking sector
In this paper, we adopt a conditional tail risk network methodology for the assessment of transmission channels of risk. In particular, we employ weighted and directed networks to model the mutual influence between banks, with the weights being linked to tail risk measures. More specifically, in the empirical comparison we focus on MES-based pairwise dependence networks and on the parametric $$\Delta $$ CoVaR network estimated on ARMA(1,1)-GARCH(1,1) residuals through SCAD-penalized quantile regression. We use different network indicators to investigate the importance of a bank’s role in both spreading and absorbing risk from other financial institutions. Our analysis focuses on a sample based on banks included in the European Banking Authority 2023 stress test, complemented by two additional systemically relevant European institutions and we consider daily data for the period 2015–2024. The analyses are conducted over four economically meaningful subperiods in order to evaluate the evolution of systemic interconnections across different macro-financial regimes. We find that the choice of tail risk measure leads to substantial differences in network topology, centrality rankings, and community composition. The empirical results demonstrate significant variations in the structural characteristics of the networks through time.- 4 August 2026
- Published by Springer Nature in Decisions in Economics and Finance
- p. 1-37
Open AccessA network analysis of systemic risk in the European banking sector
In this paper, we adopt a conditional tail risk network methodology for the assessment of transmission channels of risk. In particular, we employ weighted and directed networks to model the mutual influence between banks, with the weights being linked to tail risk measures. More specifically, in the empirical comparison we focus on MES-based pairwise dependence networks and on the parametric $$\Delta $$ CoVaR network estimated on ARMA(1,1)-GARCH(1,1) residuals through SCAD-penalized quantile regression. We use different network indicators to investigate the importance of a bank’s role in both spreading and absorbing risk from other financial institutions. Our analysis focuses on a sample based on banks included in the European Banking Authority 2023 stress test, complemented by two additional systemically relevant European institutions and we consider daily data for the period 2015–2024. The analyses are conducted over four economically meaningful subperiods in order to evaluate the evolution of systemic interconnections across different macro-financial regimes. We find that the choice of tail risk measure leads to substantial differences in network topology, centrality rankings, and community composition. The empirical results demonstrate significant variations in the structural characteristics of the networks through time. - Open Access
- 26 August 2023
- Published by Springer Nature in Scientific Reports
- Vol. 13 (1) , 1-13
Unraveling the key drivers of community composition in the agri-food trade network
In the complex global food system, the dynamics associated with international food trade have become crucial determinants of food security. In this paper, we employ a community detection approach along with a supervised learning technique to explore the evolution of communities in the agri-food trade network and to identify key factors influencing their composition. By leveraging a large dataset that includes both volume and monetary value of trades, we identify similarities between countries and uncover the primary drivers that shape trade dynamics over time. The analysis also takes into account the impact of evolving climate conditions on food production and trading. The results highlight how the network’s topological structure is continuously evolving, influencing the composition of communities over time. Alongside geographical proximity and geo-political relations, our analysis identifies sustainability, climate and food nutrition aspects as emerging factors that contribute to explaining trade relationships. These findings shed light on the intricate interactions within the global food trade system and provide valuable insights into the factors affecting its stability.
- 26 August 2023
- Published by Springer Nature in Scientific Reports
- Vol. 13 (1) , 1-13
Open AccessUnraveling the key drivers of community composition in the agri-food trade network
In the complex global food system, the dynamics associated with international food trade have become crucial determinants of food security. In this paper, we employ a community detection approach along with a supervised learning technique to explore the evolution of communities in the agri-food trade network and to identify key factors influencing their composition. By leveraging a large dataset that includes both volume and monetary value of trades, we identify similarities between countries and uncover the primary drivers that shape trade dynamics over time. The analysis also takes into account the impact of evolving climate conditions on food production and trading. The results highlight how the network’s topological structure is continuously evolving, influencing the composition of communities over time. Alongside geographical proximity and geo-political relations, our analysis identifies sustainability, climate and food nutrition aspects as emerging factors that contribute to explaining trade relationships. These findings shed light on the intricate interactions within the global food trade system and provide valuable insights into the factors affecting its stability.
- 6 June 2023
- Published by Wiley in Applied Stochastic Models in Business and Industry
- Vol. 40 (2) , 306-330
Strategic energy flows in input‐output relations: A temporal multilayer approach
The energy consumption, the transfer of resources through the international trade, the transition towards renewable energies and the environmental sustainability appear as key drivers in order to evaluate the resilience of the energy systems. Concerning the consumptions, in the literature a great attention has been paid to direct energy, but the production of goods and services also involves indirect energy. Hence, in this work we consider different types of embodied energy sources and the time evolution of the sectors' and countries' interactions. Flows are indeed used to construct a directed and weighted temporal multilayer network based respectively on renewable and non‐renewable sources, where sectors are nodes and layers are countries. We provide a methodological approach for analysing the network reliability and resilience and for identifying critical sectors and economies in the system by applying the Multi‐Dimensional HITS algorithm. Then, we evaluate central arcs in the network at each time period by proposing a novel topological indicator based on the maximum flow problem. In this way, we provide a full view of economies, sectors and connections that play a relevant role over time in the network and whose removal could heavily affect the stability of the system. We provide a numerical analysis based on the embodied energy flows among countries and sectors in the period from 1990 to 2016. Results prove that the methods are effective in catching the different patterns between renewable and non‐renewable energy sources.
- 6 June 2023
- Published by Wiley in Applied Stochastic Models in Business and Industry
- Vol. 40 (2) , 306-330
Strategic energy flows in input‐output relations: A temporal multilayer approach
The energy consumption, the transfer of resources through the international trade, the transition towards renewable energies and the environmental sustainability appear as key drivers in order to evaluate the resilience of the energy systems. Concerning the consumptions, in the literature a great attention has been paid to direct energy, but the production of goods and services also involves indirect energy. Hence, in this work we consider different types of embodied energy sources and the time evolution of the sectors' and countries' interactions. Flows are indeed used to construct a directed and weighted temporal multilayer network based respectively on renewable and non‐renewable sources, where sectors are nodes and layers are countries. We provide a methodological approach for analysing the network reliability and resilience and for identifying critical sectors and economies in the system by applying the Multi‐Dimensional HITS algorithm. Then, we evaluate central arcs in the network at each time period by proposing a novel topological indicator based on the maximum flow problem. In this way, we provide a full view of economies, sectors and connections that play a relevant role over time in the network and whose removal could heavily affect the stability of the system. We provide a numerical analysis based on the embodied energy flows among countries and sectors in the period from 1990 to 2016. Results prove that the methods are effective in catching the different patterns between renewable and non‐renewable energy sources.
- Open Access
- 15 May 2023
- Published by MDPI AG in Sustainability
- Vol. 15 (10) , 8056
Evaluation of Railway Systems: A Network Approach
Resilience and the efficiency of transportation systems are crucial for the economic development of geographical areas, and network analysis applied to railways can provide insight into the importance of branch lines and their impacts on the entire system. This paper explores the behavior of the ERC measure, a local robustness measure, on the railway network in Lombardy, Italy, and analyzes the impacts of deactivating stations or journeys on the network’s robustness. Changes in the topological properties of the network were studied by simulating potential external disturbances and analyzing the impact of deleting the most connected stations or railway lines. The numerical results show how the measures provided effectively identify critical stations and journeys within the network structure and outperform classical topological metrics. Since ERC measures take into account all of the alternative paths present in the network, they can provide valuable information for rerouting traffic along alternative paths in case of failures or disruptions. The paper’s original contribution lies in demonstrating the effectiveness of the ERC measure in identifying critical stations and journeys within the network structure.
- 15 May 2023
- Published by MDPI AG in Sustainability
- Vol. 15 (10) , 8056
Open AccessEvaluation of Railway Systems: A Network Approach
Resilience and the efficiency of transportation systems are crucial for the economic development of geographical areas, and network analysis applied to railways can provide insight into the importance of branch lines and their impacts on the entire system. This paper explores the behavior of the ERC measure, a local robustness measure, on the railway network in Lombardy, Italy, and analyzes the impacts of deactivating stations or journeys on the network’s robustness. Changes in the topological properties of the network were studied by simulating potential external disturbances and analyzing the impact of deleting the most connected stations or railway lines. The numerical results show how the measures provided effectively identify critical stations and journeys within the network structure and outperform classical topological metrics. Since ERC measures take into account all of the alternative paths present in the network, they can provide valuable information for rerouting traffic along alternative paths in case of failures or disruptions. The paper’s original contribution lies in demonstrating the effectiveness of the ERC measure in identifying critical stations and journeys within the network structure.
- Open Access
- 26 December 2022
- Published by Springer Nature in Quality & Quantity
- Vol. 57 (6) , 5737
Correction: Financial resilience of insurance network during Covid-19 pandemic
[This corrects the article DOI: 10.1007/s11135-022-01583-7.].
- 26 December 2022
- Published by Springer Nature in Quality & Quantity
- Vol. 57 (6) , 5737
Open AccessCorrection: Financial resilience of insurance network during Covid-19 pandemic
[This corrects the article DOI: 10.1007/s11135-022-01583-7.].
- 17 December 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 342 (3) , 2021-2048
Environmentally extended input–output analysis in complex networks: a multilayer approach
- 17 December 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 342 (3) , 2021-2048
Environmentally extended input–output analysis in complex networks: a multilayer approach
- 18 November 2022
- Published by Springer Nature in Quality & Quantity
- Vol. 57 (S2) , 151-172
Financial resilience of insurance network during Covid-19 pandemic
We provide a novel approach for analysing the financial resilience of the insurance sector during coronavirus pandemic. To this end, we build temporal directed and weighted networks where the weights on the arcs take into account the tail dependence between couple of firms. To assess the resilience of the network, we provide a new global indicator, aimed at capturing the impact on the clustering coefficient of a shock affecting in turn each firm and diffusing in the network via shortest paths. A local measure of resilience is also provided by quantifying the contribution of each firm to the global indicator. In this way, we are able to detect most critical firms in the system. A numerical application has been developed in order to test the proposed approach. The results show that the proposed resilience measure appears able to detect main periods of financial crises. The first wave of COVID-19 pandemic results as a extreme phenomenon in the market and the lowest resilience is associated to the period in which COVID-19 has been declared pandemic.
- 18 November 2022
- Published by Springer Nature in Quality & Quantity
- Vol. 57 (S2) , 151-172
Financial resilience of insurance network during Covid-19 pandemic
We provide a novel approach for analysing the financial resilience of the insurance sector during coronavirus pandemic. To this end, we build temporal directed and weighted networks where the weights on the arcs take into account the tail dependence between couple of firms. To assess the resilience of the network, we provide a new global indicator, aimed at capturing the impact on the clustering coefficient of a shock affecting in turn each firm and diffusing in the network via shortest paths. A local measure of resilience is also provided by quantifying the contribution of each firm to the global indicator. In this way, we are able to detect most critical firms in the system. A numerical application has been developed in order to test the proposed approach. The results show that the proposed resilience measure appears able to detect main periods of financial crises. The first wave of COVID-19 pandemic results as a extreme phenomenon in the market and the lowest resilience is associated to the period in which COVID-19 has been declared pandemic.
- Open Access
Environmentally extended input-output analysis in complex networks: a multilayer approach
In this paper we propose a methodology suitable for a comprehensive analysis of the global embodied energy flow trough a complex network approach. To this end, we extend the existing literature, providing a multilayer framework based on the environmentally extended input-output analysis. The multilayer structure, with respect to the traditional approach, allows us to unveil the different role of sectors and economies in the system. In order to identify key sectors and economies, we make use of hub and authority scores, by adapting to our framework an extension of the Kleinberg algorithm, called Multi-Dimensional HITS (MD-HITS). A numerical analysis based on multi-region input-output tables shows how the proposed approach provides meaningful insights.
Open AccessEnvironmentally extended input-output analysis in complex networks: a multilayer approach
In this paper we propose a methodology suitable for a comprehensive analysis of the global embodied energy flow trough a complex network approach. To this end, we extend the existing literature, providing a multilayer framework based on the environmentally extended input-output analysis. The multilayer structure, with respect to the traditional approach, allows us to unveil the different role of sectors and economies in the system. In order to identify key sectors and economies, we make use of hub and authority scores, by adapting to our framework an extension of the Kleinberg algorithm, called Multi-Dimensional HITS (MD-HITS). A numerical analysis based on multi-region input-output tables shows how the proposed approach provides meaningful insights.
- 28 February 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 332 (1-3) , 1193
Correction: Community detection in attributed networks for global transfer market
- 28 February 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 332 (1-3) , 1193
Correction: Community detection in attributed networks for global transfer market
- 14 January 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 325 (1) , 57-83
Community detection in attributed networks for global transfer market
- 14 January 2022
- Published by Springer Nature in Annals of Operations Research
- Vol. 325 (1) , 57-83
Community detection in attributed networks for global transfer market