  In this paper, we outline a model of graph (or network) dynamics based on two
ingredients. The first ingredient is a Markov chain on the space of possible
graphs. The second ingredient is a semi-Markov counting process of renewal
type. The model consists in subordinating the Markov chain to the semi-Markov
counting process. In simple words, this means that the chain transitions occur
at random time instants called epochs. The model is quite rich and its possible
connections with algebraic geometry are briefly discussed. Moreover, for the
sake of simplicity, we focus on the space of undirected graphs with a fixed
number of nodes. However, in an example, we present an interbank market model
where it is meaningful to use directed graphs or even weighted graphs.
