世界経済・社会統計 = World development indicators

The East Asian miracle: Economic growth and public policy: By the World Bank. (New York: Oxford University Press for the World Bank, 1993. 389 pp. $19.95, paper.)

Economics Of Discrimination

Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data

This paper develops an analytical model of contagion in financial networks with arbitrary structure. We explore how the probability and potential impact of contagion is influenced by aggregate and idiosyncratic shocks, changes in network structure, and asset market liquidity. Our findings suggest that financial systems exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. And we suggest why the resilience of the system in withstanding fairly large shocks prior to 2007 should not have been taken as a reliable guide to its future robustness.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1577043_code459244.pdf?abstractid=1577043&mirid=1

Contagion in Financial Networks

We simulate interbank lending. Each bank faces fluctuations in liquid assets and stochastic investment opportunities which mature with delay. This creates the risk of liquidity shortages. An interbank market lets participants pool this risk but also creates the potential for one bank's crisis to propagate through the system. We study banking systems with homogeneous banks, as well as systems in which banks are heterogeneous. With homogeneous banks, an interbank market unambiguously stabilizes the system. With heterogeneity, knock-on effects become possible but the stabilizing role of interbank lending remains so that the interbank market can play an ambiguous role.

Systemic Risk on the Interbank Market

We simulate interbank lending. Each bank faces fluctuations in liquid assets and stochastic investment opportunities that mature with delay, creating the risk of liquidity shortages. An interbank market lets participants pool this risk but also creates the potential for one bank’s crisis to propagate through the system. We study banking systems with homogeneous banks, as well as systems in which banks are heterogeneous. With homogeneous banks, an interbank market unambiguously stabilizes the system. With heterogeneity, knock-on effects become possible, but the stabilizing role of interbank lending remains so that the interbank market can play an ambiguous role.

/pdf/systemic-risk-on-the-interbank-market-2lncynmdv1.pdf

Systemic risk on the interbank market

Guestworker migration, remittances and the extended family: evidence from Pakistan

http://www.karyiuwong.com/confer/HK99/papers/lahiri-h9.pdf

Will trade sanctions reduce child labour?: The role of credit markets

An interbank market lets participants pool the risk arising from the combination of illiquid investments and random withdrawals by depositors. But it also creates the potential for one bank’s failure to trigger off avalanches of further failures. We simulate a model of interbank lending to study the interplay of these two effects. We show that when banks are similar in size and exposure to risk, avalanche effects are small so that widening the interbank market leads to more stability. But as heterogeneity increases, avalanche effects become more important. By varying the heterogeneity and connectivity across banks, the system enters a critical regime with a power law distribution of avalanche sizes.

/pdf/criticality-in-a-model-of-banking-crises-2n9vfohsdq.pdf

Saqib Jafarey

Papers

Systemic Risk on the Interbank Market

Systemic risk on the interbank market

Guestworker migration, remittances and the extended family: evidence from Pakistan

Will trade sanctions reduce child labour?: The role of credit markets

Criticality in a model of banking crises