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In a seminal 1972 paper, Robert M. May asked: "Will a Large Complex System Be Stable?" and argued that stability (of a broad class of random linear systems) decreases with increasing complexity, sparking a revolution in our understanding of ecosystem dynamics. Twenty-five years later, May,...
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Recent regulation mandating the clearing of credit default swaps (CDS) by a Central Clearing Counterparties (CCP), has … well as, regulatory implications for a Lender of Last Resort in various liquidity scenarios …
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