Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
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We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Despite the ex-ante symmetry of investors, their strategies may
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美国国家经济研究局创建时间：
2013-08-01
