Competitiveness clusters (or innovation clusters) are the focal point of French new industrial policy. They are based on classical cluster model and its well-known agglomeration positive externalities and on benefits of cooperation. After a brief literature review of cluster theory, we focus on...

Loan syndication increases bank interconnectedness through co-lending relationships. We study the financial stability implications of such dependency on syndicate partners in the presence of shocks to banks' capital. Model simulations in a network setting show that such shocks can produce rare...