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I analyze the rapidly growing literature about systemic risk in financial markets and find an important commonality. Systemic risk is regarded to be an endogenous outcome of interactions by rational agents on imperfect markets. Market imperfections give rise to systemic externalities which cause...
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We provide a comprehensive analysis of the determinants of trading in the sovereign credit default swaps (CDS) market … trading in sovereign CDS: (a) country-specific credit risk shocks, including changes in a country's credit rating and related …
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question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …
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