Markose, Sheri; Giansante, Simone; Gatkowski, Mateusz; … - 2010
role to play in the current financial crisis. However, there are few in depth empirical studies of the financial network … the fiction of non-failure in order to avert a credit event that can bring down the CDS pyramid and the financial system … sought by banks for reference assets in the case of a significant credit event. The large negative externalities that arise …