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| Tekijä: | Allen, F. Gale, D. |
| Otsikko: | Financial contagion |
| Lehti: | Journal of Political Economy
2000 : FEB, VOL. 108:1, p. 1-33 |
| Asiasana: | POLITICAL ECONOMY FINANCE ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Financial contagion is modeled as an equilibrium phenomenon. Because liquidity preference shocks are imperfectly correlated across regions, banks hold interregional claims on other banks to provide insurance against liquidity preference shocks. When there is no aggregate uncertainty, the first-best allocation of risk sharing can be achieved. However, this arrangement is financially fragile. |
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