IMF-沙堡与金融体系_沙堆隐喻（英）-2025.2_45页_2mb

Bank resolution strategies, such as laissez-faire (no intervention) versus supervisor-directed mergers, were analyzed using a sandpile model to simulate financial system contagion. The results showed that while interventions reduce crisis frequency, they increase severity when events occur. Over the long term, total social welfare loss is lower with supervision due to loss sharing. The optimal financial network structure depends on the chosen resolution strategy, influencing crisis outcomes through factors like size, clustering, and path length. This model supports active regulatory involvement in managing bank failures to minimize long-term costs, with implications for policy design and network resilience.