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Systems
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Complex Financial Systems: Dynamics, Risk, and Resilience
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Complex Financial Systems: Dynamics, Risk, and Resilience

A special issue of Systems (ISSN 2079-8954). This special issue belongs to the section "Systems Practice in Social Science".

Deadline for manuscript submissions: 30 September 2026 | Viewed by 1528

Special Issue Editors

Dr. Tristan Lim

E-Mail Website
Guest Editor
SUSS Academy, Singapore University of Social Sciences (SUSS), Singapore 599494, Singapore
Interests: digital ecosystems; AI/ML in finance; socio-technical systems; behavioural and sentiment-driven markets; sustainability transitions; system dynamics; risk architectures
Dr. Zhiyuan Wang

E-Mail Website
Guest Editor
School of Business, Singapore University of Social Sciences (SUSS), Singapore 599494, Singapore
Interests: multi-criteria decision-making; system-level optimisation; surrogate modelling; AI-enabled analytics; ESG-XAI; modelling of system trade-offs
Special Issues, Collections and Topics in MDPI journals
Dr. Chong Guan

E-Mail Website
Guest Editor
SUSS Academy, Singapore University of Social Sciences (SUSS), Singapore 599494, Singapore
Interests: digital ecosystems; FinTech; socio-technical systems; artificial intelligence; platform economics; digital transformation; information systems

Special Issue Information

Dear Colleagues,

Financial markets and institutions are becoming increasingly interconnected, digitalised, and shaped by rapidly evolving technologies and behavioural forces. Developments in algorithmic trading, decentralised finance, digital assets, ESG-driven capital flows, and AI-enabled decision systems mean that finance must be understood as a complex, adaptive, and socio-technical system—one influenced by the interactions among people, technologies, regulations, data flows, and global events.

This Special Issue, “Complex Financial Systems: Dynamics, Risk, and Resilience”, invites scholarly contributions that examine financial phenomena through the lens of systems science and systems engineering. We welcome submissions from finance, economics, information systems, management, data science, engineering, sustainability studies, and related fields. Empirical, theoretical, conceptual, and methodological papers are all suitable, provided they adopt a systems-oriented perspective aligned with the journal’s aims.

Suggested themes include, but are not limited to, the following:

  • Systemic risk propagation, contagion, and stress transmission;
  • Networked financial markets, agent-based modelling, and hybrid simulations;
  • Behavioural, sentiment-driven, and feedback-loop market dynamics;
  • Digital finance ecosystems, platform intermediation, and cyber-physical infrastructures;
  • AI-augmented risk management, explainable decision systems, and model governance;
  • ESG factors, sustainability transitions, and complex capital-flow reconfigurations;
  • Governance, regulation, and policy as system-shaping mechanisms;
  • Resilience engineering, scenario modelling, and system design for financial stability.

We look forward to receiving your contributions.

Dr. Tristan Lim
Dr. Zhiyuan Wang
Dr. Chong Guan
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Systems is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • complex financial systems
  • systemic risk
  • socio-technical finance
  • financial networks
  • system dynamics
  • behavioural market dynamics
  • digital and algorithmic finance
  • AI/ML decision systems
  • sustainability transitions
  • complex adaptive systems

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (2 papers)

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Research

29 pages, 3141 KB  
Article
Stablecoins, Risk Transmission and Systemic Reconfiguration in a Fragmented USD Access System: Evidence from Quantile Time-Frequency Analysis
by Junda Wu, Jiajing Sun, Haoyuan Feng and Fei Long
Systems 2026, 14(5), 562; https://doi.org/10.3390/systems14050562 - 15 May 2026
Viewed by 66
Abstract
In high-inflation economies, stablecoins are increasingly becoming infrastructural channels through which households and firms access U.S.-dollar value outside traditional financial arrangements. We study Argentina as a fragmented USD access system composed of a regulated official channel, an informal parallel channel (the Blue Dollar), [...] Read more.
In high-inflation economies, stablecoins are increasingly becoming infrastructural channels through which households and firms access U.S.-dollar value outside traditional financial arrangements. We study Argentina as a fragmented USD access system composed of a regulated official channel, an informal parallel channel (the Blue Dollar), and platform-based USDT channels on Binance and Bitso. Using a quantile time-frequency connectedness framework, we estimate reduced-form dynamic dependence and spillover patterns across these interdependent subsystems under normal and extreme market states and across short- and long-term horizons. Four main findings emerge. First, system-wide connectedness is dominated by short-term transmission and rises sharply during policy regime transitions, particularly around the relaxation of capital controls. Second, under normal conditions, stablecoin markets behave as early-moving net spillover transmitters, whereas the Blue Dollar and the official rate primarily absorb shocks. Third, connectedness exhibits a symmetric U-shaped pattern across quantiles, indicating that tail events intensify cross-channel dependence regardless of shock direction. Fourth, under upper-tail extreme market states, the official rate becomes a net transmitter in the long-term frequency band, implying that major devaluation episodes can temporarily reconfigure the system’s transmission architecture, even though stablecoin channels remain important in overall connectedness. These findings should be interpreted as evidence of dynamic dependence rather than structural causality. They suggest that digital dollarization does not simply add another trading venue; it increases boundary permeability, reshapes information hierarchy, and changes the monitoring problem faced by authorities in fragmented financial systems. Full article
(This article belongs to the Special Issue Complex Financial Systems: Dynamics, Risk, and Resilience)
55 pages, 4838 KB  
Article
Can Regulatory Sandboxes Enhance Financial System Resilience: A Systems Perspective on Regional Risk Mitigation Evidence from China
by Jiajia Yan and Yuxuan Zhou
Systems 2026, 14(2), 185; https://doi.org/10.3390/systems14020185 - 8 Feb 2026
Cited by 1 | Viewed by 812
Abstract
Financial systems are quintessential complex adaptive systems, where stability emerges from the dynamic interactions among multiple subsystems and regulatory components. Grounded in systems theory, this study re-frames the establishment of China’s fintech regulatory sandbox as a systemic intervention within the broader financial governance [...] Read more.
Financial systems are quintessential complex adaptive systems, where stability emerges from the dynamic interactions among multiple subsystems and regulatory components. Grounded in systems theory, this study re-frames the establishment of China’s fintech regulatory sandbox as a systemic intervention within the broader financial governance framework. Utilizing this policy as a quasi-natural experiment, we employ a difference-in-differences (DID) model integrated with spatial econometric modeling to evaluate its impact on regional financial system risk—an emergent property of the system. The benchmark regression results indicate that this systemic policy innovation significantly enhances regional financial resilience, with effects that are both continuous and robust. Mechanism tests, analyzed through the lens of subsystem coordination, demonstrate that the policy curbs systemic risk by improving the synergy within economic inner cycles, outer cycles, and their dual-cycle integration, thereby optimizing the system’s internal structure and feedback loops. Further analysis reveals a significant negative spatial spillover effect, evidencing the policy’s role in reshaping inter-regional systemic linkages: it reduces financial risk in both implementing and neighboring regions, with the effect’s intensity following an inverted U-shaped pattern relative to distance. Heterogeneity analysis shows that the policy’s inhibitory effect varies significantly across different systemic configurations, including risk circulation patterns, macro–micro risk perspectives, financial inclusion coverage, government–market relationships, and the north–south regional divide. These findings provide critical insights for developing synergistic macro-prudential and micro-behavioral regulatory mechanisms, contributing to a more robust and adaptive financial security framework from a systems governance perspective. Full article
(This article belongs to the Special Issue Complex Financial Systems: Dynamics, Risk, and Resilience)
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