We develop a theoretical model of security investments in a network of interconnected agents. Network connections … strategic substitutes. In a general (non-symmetric) network, this implies that underinvestment by some agents will encourage … symmetric or locally tree-like. We also characterize the impact of network structure on equilibrium and optimal investments …

We develop a theoretical model of security investments in a network of interconnected agents. Network connections … strategic substitutes. In a general (non-symmetric) network, this implies that underinvestment by some agents will encourage … symmetric or locally tree-like. We also characterize the impact of network structure on equilibrium and optimal investments …

We develop a theoretical model of security investments in a network of interconnected agents. Network connections … strategic substitutes. In a general (non-symmetric) network, this implies that under-investment by some agents will encourage … networks that are either symmetric or locally tree-like. We also characterize the impact of network structure on equilibrium …

This paper contains an analysis of the network of the 29 largest European insurance groups and their financial … holdings of debt, equity and other financial instruments. These exposures can cause direct contagion and thereby the spread of …

We develop a dynamic network model whose links are governed by banks' optimizing decisions and by an endogenous … assess the evolution of the network configuration under various prudential policy regimes, to measure banks' contribution to …