Fig. 6

Systemically important countries and horizontal thresholds. We show the number of systemically important (i.e., “systemic”) countries over time for different choices of the horizontal thresholds (i.e., capital buffers) in the (left) multiplex global financial network and (right) aggregate global financial network. The solid curve is for the baseline values b_i=CAR_i, the dot–dashed curves are for values that are below the baseline, and the dashed curves are for values that are above the baseline. The color of a curve indicates a specific choice of the thresholds