Study on the spillover effects of tail risks in the supply chain of China’s pharmaceutical industry

While the TENET model employed in this study serves as a powerful tool for analyzing tail risk networks, it possesses inherent limitations. Future research could integrate structured econometric models, such as the introduction of exogenous instrumental variables, or adopt high-frequency data causal discovery techniques. These approaches would help disentangle intrinsic causal pathways and further reveal the "topology of risk transmission.