标题： 沮丧信号的出现表明系统性风险 显示英文标题

标题： Emergence of frustration signals systemic risk

摘要： 我们表明，复杂系统中系统性风险的出现可以从表示宏观可观测量之间波动相关性的功能网络的演变中得到理解。 具体而言，我们分析了1926-2016年间纽约证券交易所的长期集体动态，显示由系统性危机标记的时期，即1929-33年大萧条和2007-09年大衰退期间，与相互作用网络中结构平衡的丧失所指示的挫折现象有关。 在这些时期，描述集体行为的主要特征模式表现出扩展化，导致动态中的相干性增加。 网络的拓扑结构呈现出缓慢演变的趋势，这两个危机时期周围出现了显著的核心-边缘结构。 显示英文摘要

摘要： We show that the emergence of systemic risk in complex systems can be understood from the evolution of functional networks representing interactions inferred from fluctuation correlations between macroscopic observables. Specifically, we analyze the long-term collective dynamics of the New York Stock Exchange between 1926-2016, showing that periods marked by systemic crisis, viz., around the Great Depression of 1929-33 and the Great Recession of 2007-09, are associated with emergence of frustration indicated by the loss of structural balance in the interaction networks. During these periods the dominant eigenmodes characterizing the collective behavior exhibit delocalization leading to increased coherence in the dynamics. The topological structure of the networks exhibits a slowly evolving trend marked by the emergence of a prominent core-periphery organization around both of the crisis periods.