{"id":9217,"date":"2025-11-21T16:37:51","date_gmt":"2025-11-21T08:37:51","guid":{"rendered":"https:\/\/www.ukm.my\/jem\/?post_type=article&#038;p=9217"},"modified":"2025-12-04T11:55:50","modified_gmt":"2025-12-04T03:55:50","slug":"federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network","status":"publish","type":"article","link":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/","title":{"rendered":"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network"},"content":{"rendered":"<p><em>This study investigates the impact of Federal Reserve (Fed) monetary policy announcements on systemic risk in U.S. banks through the credit default swap (CDS) market. Employing the minimum spanning tree (MST) method, the analysis maps changes in network structures and assesses systemic importance using centrality measures. The findings indicate that while Fed actions influence the structure of the CDS network, external shocks such as the European debt crisis, Brexit, and COVID-19 also play a significant role. Banks with the highest levels of interconnectedness clearly carry systemic weight. However, risk often spreads through less prominent but strategically positioned \u00a0institutions. Notably, U.S. banks occupy leading positions in only two of the study years.<\/em><\/p>\n","protected":false},"template":"","tags":[1990,1989,1991],"jel-code":[],"article-type":[1329],"class_list":["entry","author-asriwn","post-9217","article","type-article","status-publish","tag-centrality-test","tag-minimum-spanning-tree","tag-systemic-risk","article-type-normal-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia\" \/>\n<meta property=\"og:description\" content=\"This study investigates the impact of Federal Reserve (Fed) monetary policy announcements on systemic risk in U.S. banks through the credit default swap (CDS) market. Employing the minimum spanning tree (MST) method, the analysis maps changes in network structures and assesses systemic importance using centrality measures. The findings indicate thatContinue Reading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/\" \/>\n<meta property=\"og:site_name\" content=\"Jurnal Ekonomi Malaysia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-04T03:55:50+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@EkonomiJurnal\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\\\/\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\\\/\",\"name\":\"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#website\"},\"datePublished\":\"2025-11-21T08:37:51+00:00\",\"dateModified\":\"2025-12-04T03:55:50+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Articles\",\"item\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#website\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\",\"name\":\"Jurnal Ekonomi Malaysia\",\"description\":\"Universiti Kebangsaan Malaysia\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#organization\",\"name\":\"Jurnal Ekonomi Malaysia\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/cropped-browser-icon-letter-1.png\",\"contentUrl\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/cropped-browser-icon-letter-1.png\",\"width\":512,\"height\":308,\"caption\":\"Jurnal Ekonomi Malaysia\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485\",\"https:\\\/\\\/x.com\\\/EkonomiJurnal\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/","og_locale":"en_US","og_type":"article","og_title":"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia","og_description":"This study investigates the impact of Federal Reserve (Fed) monetary policy announcements on systemic risk in U.S. banks through the credit default swap (CDS) market. Employing the minimum spanning tree (MST) method, the analysis maps changes in network structures and assesses systemic importance using centrality measures. The findings indicate thatContinue Reading","og_url":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/","og_site_name":"Jurnal Ekonomi Malaysia","article_publisher":"https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485","article_modified_time":"2025-12-04T03:55:50+00:00","twitter_card":"summary_large_image","twitter_site":"@EkonomiJurnal","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/","url":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/","name":"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network | Jurnal Ekonomi Malaysia","isPartOf":{"@id":"https:\/\/www.ukm.my\/jem\/#website"},"datePublished":"2025-11-21T08:37:51+00:00","dateModified":"2025-12-04T03:55:50+00:00","breadcrumb":{"@id":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.ukm.my\/jem\/article\/federal-reserve-policy-and-systemic-risk-spillovers-a-minimum-spanning-tree-mst-analysis-of-bank-credit-default-swap-cds-with-a-focus-on-united-states-of-america-banks-within-the-global-network\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ukm.my\/jem\/"},{"@type":"ListItem","position":2,"name":"Articles","item":"https:\/\/www.ukm.my\/jem\/article\/"},{"@type":"ListItem","position":3,"name":"Federal Reserve Policy and Systemic Risk Spillovers: A Minimum Spanning Tree (MST) Analysis of Bank Credit Default Swap (CDS), with a Focus on United States of America Banks within the Global Network"}]},{"@type":"WebSite","@id":"https:\/\/www.ukm.my\/jem\/#website","url":"https:\/\/www.ukm.my\/jem\/","name":"Jurnal Ekonomi Malaysia","description":"Universiti Kebangsaan Malaysia","publisher":{"@id":"https:\/\/www.ukm.my\/jem\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ukm.my\/jem\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.ukm.my\/jem\/#organization","name":"Jurnal Ekonomi Malaysia","url":"https:\/\/www.ukm.my\/jem\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ukm.my\/jem\/#\/schema\/logo\/image\/","url":"https:\/\/www.ukm.my\/jem\/wp-content\/uploads\/2021\/05\/cropped-browser-icon-letter-1.png","contentUrl":"https:\/\/www.ukm.my\/jem\/wp-content\/uploads\/2021\/05\/cropped-browser-icon-letter-1.png","width":512,"height":308,"caption":"Jurnal Ekonomi Malaysia"},"image":{"@id":"https:\/\/www.ukm.my\/jem\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485","https:\/\/x.com\/EkonomiJurnal"]}]}},"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/types\/article"}],"version-history":[{"count":1,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9217\/revisions"}],"predecessor-version":[{"id":9227,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9217\/revisions\/9227"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/media?parent=9217"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/tags?post=9217"},{"taxonomy":"jel-code","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/jel-code?post=9217"},{"taxonomy":"article-type","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article-type?post=9217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}