کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5099041 1376980 2012 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk
چکیده انگلیسی
The recent financial crisis poses the challenge to understand how systemic risk arises endogenously and what architecture can make the financial system more resilient to global crises. This paper shows that a financial network can be most resilient for intermediate levels of risk diversification, and not when this is maximal, as generally thought so far. This finding holds in the presence of the financial accelerator, i.e. when negative variations in the financial robustness of an agent tend to persist in time because they have adverse effects on the agent's subsequent performance through the reaction of the agent's counterparties.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 8, August 2012, Pages 1121-1141
نویسندگان
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