CEIS-Tor Vergata is pleased to inform you that, on Friday February 17th, 2012 at 12.00 pm, prof. Domenico Delli Gatti (Cattolica University) will present a paper on “Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk” The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 ABSTRACT The recent financial crisis poses the challenge to understand how systemic risk arises endogenously and what architecture can make the financial system more resilient to global crises. This paper shows that a financial network can be most resilient for intermediate levels of risk diversification, and not when this is maximal, as generally thought so far. This finding holds in presence of the financial accelerator, i.e., when negative variations in the financial robustness of an agent tend to persist in time because they have adverse effects on the agent's subsequent performance through the reaction of the agent's counterparties. Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 6880 (20120213) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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