' lending incentives and the emergence of systemic risk. We show that under natural contracting assumptions, banks fail to … presence of this externality can function as a channel for the emergence of systemic risk. In particular, we show that (i …

systemic failures due to contagion of counterparty risk. We show that financial contagion exhibits a form of phase transition … socially inefficient due to the presence of a network externality: even though banks take the effects of their lending, risk …

macroeconomic risk originating from microeconomic shocks, and models of financial interactions. Under the assumption that shocks are … literature on the role of network linkages in fostering systemic risk …

systemic failures due to contagion of counterparty risk. We show that financial contagion exhibits a form of phase transition … socially inefficient due to the presence of a network externality: even though banks take the effects of their lending, risk …

macroeconomic risk originating from microeconomic shocks, and models of financial interactions. Under the assumption that shocks are … literature on the role of network linkages in fostering systemic risk …

This paper offers a theory of development that links the degree of market incompleteness to capital accumulation and … growth. At early stages of development, the presence of indivisible projects limits the degree of risk spreading …