This paper presents a quantitative model of financial transactions between economic agents on economic space. Risk ratings of economic agents play role of their coordinates. Aggregate amounts of agent's financial variables at point x define macro financial variables as functions of time and...

This paper is about the impact of risks on the controlled transactions procedures. The thing is that the controlled transactions are made by international companies to avoid high tax rates, but at the same time these companies have to face the international commercial risks. Therefore, the...

The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure...