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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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The three largest cities in colonial America remain at the core of three of America's largest metropolitan areas today. This paper asks how Boston has been able to survive despite repeated periods of crisis and decline. Boston has reinvented itself three times: in the early 19th century as the...
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