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We characterize the evolution over time of a network of credit relations among financial agents as a system of coupled … network of liabilities among agents. The average level of risk diversification of the agents coincides with the density of … links in the network. In addition to a process of diffusion of financial distress, we also consider a discrete process of …
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Parochial politics is typically associated with poor leadership and low levels of public good provision. This paper explores the possibility that community involvement in politics need not necessarily worsen governance and, indeed, can be efficiency-enhancing when the context is appropriate....
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