The objective of this research is to examine the inter-bank network of clients as a channel for credit risk transmission by groups of banks in Serbia characterized by different levels of credit risk (clusters). Two of the four observed groups of banks have experienced increase in NPLs through the channel of contagion spread in the interbank network. The spread of the infection through the banking network is a consequence of the impact of the economic connection among clients. The third group of banks (banks with high levels of credit risk) takes over the effects of systemic factors and transfers their influence to the second and the first group (banks with average and below-average credit risk level) through the banking network channel. There were different models of bank behaviour, from a group of banks that fully aligned their risk taking with risk capacity to a group of banks that exhibited an excessive risk propensity far beyond their own risk-taking capacity. There is also the confirmation that moral hazard was an important determinant of credit risk and an additional impulse to spread credit contagion.

中文翻译：

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银行间网络作为银行信用传染的渠道：道德风险是否可以转移？

本研究的目的是检查银行间客户网络作为塞尔维亚以不同信用风险水平为特征的银行集团（集群）传递信用风险的渠道。在观察到的四组银行中，有两组通过银行间网络中的传染传播渠道出现了不良贷款增加。感染通过银行网络传播是客户之间经济联系影响的结果。第三组银行（信用风险水平较高的银行）接管了系统性因素的影响，并通过银行网络渠道将其影响传递给第二组和第一组（信用风险水平处于平均水平和低于平均水平的银行）。有不同的银行行为模型，从一组风险承担与风险承受能力完全一致的银行，到一组表现出远远超出自身风险承受能力的过度风险倾向的银行。还有证据表明，道德风险是信用风险的重要决定因素，也是传播信用传染的额外动力。