英文标题：
《Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in
Financial Networks》
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作者：
Matthew O. Jackson and Agathe Pernoud
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最新提交年份：
2020
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英文摘要：
We analyze how interdependencies between organizations in financial networks can lead to multiple possible equilibrium outcomes. A multiplicity arises if and only if there exists a certain type of dependency cycle in the network that allows for self-fulfilling chains of defaults. We provide necessary and sufficient conditions for banks\' solvency in any equilibrium. Building on these conditions, we characterize the minimum bailout payments needed to ensure systemic solvency, as well as how solvency can be ensured by guaranteeing a specific set of debt payments. Bailout injections needed to eliminate self-fulfilling cycles of defaults (credit freezes) are fully recoverable, while those needed to prevent cascading defaults outside of cycles are not. We show that the minimum bailout problem is computationally hard, but provide an upper bound on optimal payments and show that the problem has intuitive solutions in specific network structures such as those with disjoint cycles or a core-periphery structure.
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中文摘要：
我们分析了金融网络中组织之间的相互依赖如何导致多种可能的均衡结果。当且仅当网络中存在某种类型的依赖循环，允许出现自我实现的默认链时，就会出现多重性。我们为银行在任何均衡状态下的偿付能力提供了必要和充分的条件。在这些条件的基础上，我们描述了确保系统偿付能力所需的最低救助支付额，以及如何通过保证特定的债务支付来确保偿付能力。消除自我实现的违约周期（信贷冻结）所需的救助注资是完全可收回的，而防止周期外的级联违约所需的注资则不是。我们证明了最小救助问题在计算上是困难的，但给出了最优支付的上界，并证明了该问题在特定的网络结构中有直观的解，例如那些具有不相交循环或核心-外围结构的网络结构。
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分类信息：

一级分类：Computer Science 计算机科学
二级分类：Computer Science and Game Theory 计算机科学与博弈论
分类描述：Covers all theoretical and applied aspects at the intersection of computer science and game theory, including work in mechanism design, learning in games (which may overlap with Learning), foundations of agent modeling in games (which may overlap with Multiagent systems), coordination, specification and formal methods for non-cooperative computational environments. The area also deals with applications of game theory to areas such as electronic commerce.
涵盖计算机科学和博弈论交叉的所有理论和应用方面，包括机制设计的工作，游戏中的学习（可能与学习重叠），游戏中的agent建模的基础（可能与多agent系统重叠），非合作计算环境的协调、规范和形式化方法。该领域还涉及博弈论在电子商务等领域的应用。
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一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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