In this paper we contribute to the debate on macro-prudential regulation by assessing which structure of the financial system is more resilient to exogenous shocks, and which conditions, in terms of balance sheet compositions, capital requirements and asset prices, guarantee the higher degree of...

After the announcement of the European Central Bank's corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...

In this paper I assess the resilience of different network topologies to an exogenous shock for varying degrees of financial integration, as defined by connectivity. Three different network configurations for the financial system are taken into consideration: random graphs, small world networks...

After the announcement of the European Central Bank’s corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...

I develop a continuous-time game between a population of investors and an intermediary whose type is private information and whose portfolio allocation is neither observable nor contractible. I define and characterize a sequential equilibrium of the game and solve for a Markovian equilibrium...

We model competition in the credit market between banks and a bigtech platform which offers a marketplace for merchants. We show that, unlike banks, the platform lends to merchants based on their revenues and network externalities. To enforce partial loan repayment, the platform increases...

In a continuous-time game, a risk-neutral decision-maker chooses the volatility of a state variable, and a stopper terminates the game. I provide conditions under which the decision-maker becomes risk averse endogenously and minimizes volatility near termination, even if he faces myopic...

After the announcement of the European Central Bank’s corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...

In this paper we contribute to the debate on macro-prudential regulation by assessing which structure of the financial system is more resilient to exogenous shocks, and which conditions, in terms of balance sheet compositions, capital requirements and asset prices, guarantee the higher degree of...