We consider a Stackelberg pricing problem in directed, uncapacitated networks. Tariffs have to be defined by an operator, the leader, for a subset of m arcs, the tariff arcs. Costs of all other arcs are assumed to be given. There are n clients, the followers, that route their demand independent...

We present a tractable framework to assess the systemic implications of bail-in. To this end, we construct a multi-layered network model where each layer represents the securities cross holdings of a specific seniority among the largest euro area banking groups. On this basis, the bail-in of a...

A digital euro would provide the general public with an additional means of payment in the form of risk-free central bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would offer a wide range of financial stability benefits,...