addresses the question of the extent to which price fluctuations of the deposited collateral have an influence on its …

collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund … borrower, forming a credit chain. Intermediation profits can thus act as collateral for the loan to fund the dealer's own … project. When these profits are risky, however, using them as collateral may undermine the dealer's incentives, generating …

collateral create fragility. A dealer stands between a borrower and a financier. The dealer borrows from the financier to fund … borrower, forming a credit chain. Intermediation profits can thus act as collateral for the loan to fund the dealer's own … project. When these profits are risky, however, using them as collateral may undermine the dealer's incentives, generating …

and borrowing liquid assets with collateral under incomplete information. Given a financial network, liquid assets are …