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- W1492716894 abstract "This essay consists of three chapters.Chapter one extends Allen and Gale’s (2000) model to acore-periphery network structure. We identify that the financialcontagion in core-periphery structure is different to Allen and Gale(2000) in two aspects. Firstly, the shocks to the periphery bank andto the core bank have different contagion processes. Secondly,contagion not only depends on the amount of claims a bank has on afailed bank, but also on the number of links the failed neighbour has.Chapter two studies the policy effect on financial networkformation when the government has time-inconsistency problem onbailing out systemically important bank. We show that if interbankdeposits are guaranteed, the equilibrium network structure isdifferent from the one under market discipline. We show that undermarket discipline individual banks can collectively increase thecomponent size using interbank intermediation in order to increasesthe severity of systemic risk and hence trigger the bailout. Ifinterbank intermediation is costly the equilibrium network hascore-periphery structure.Chapter three follows Acharya and Yorulmazer’s (2007) study ofthe too many to problem in a two-bank model. They argue thatin order to reduce the social losses, the financial regulator finds it expost optimal to bail out every troubled bank if they fail together,because the acquisition of liquidated assets by other investors resultin a high misallocation cost. In contrast to their paper, we argue thatthere is no too many to bailout, unless banking capital is costlyand market price sensitive. We argue that market price sensitivecapital can induce banks herding and high social cost." @default.
- W1492716894 created "2016-06-24" @default.
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- W1492716894 date "2012-05-01" @default.
- W1492716894 modified "2023-09-22" @default.
- W1492716894 title "Essays on financial networks, systemic risk and policy" @default.
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