英文标题：
《Modern Monetary Circuit Theory, Stability of Interconnected Banking
Network, and Balance Sheet Optimization for Individual Banks》
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作者：
Alexander Lipton
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最新提交年份：
2015
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英文摘要：
A modern version of Monetary Circuit Theory with a particular emphasis on stochastic underpinning mechanisms is developed. It is explained how money is created by the banking system as a whole and by individual banks. The role of central banks as system stabilizers and liquidity providers is elucidated. It is shown how in the process of money creation banks become naturally interconnected. A novel Extended Structural Default Model describing the stability of the Interconnected Banking Network is proposed. The purpose of banks\' capital and liquidity is explained. Multi-period constrained optimization problem for banks\'s balance sheet is formulated and solved in a simple case. Both theoretical and practical aspects are covered.
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中文摘要：
本文发展了一种现代货币循环理论，特别强调随机基础机制。它解释了货币是如何由整个银行系统和各银行创造的。阐述了中央银行作为系统稳定器和流动性提供者的作用。它展示了在货币创造过程中，银行是如何自然地相互联系的。提出了一种描述互联银行网络稳定性的扩展结构违约模型。解释了银行资本和流动性的目的。建立了银行资产负债表的多期约束优化问题，并在一个简单的例子中进行了求解。包括理论和实践两个方面。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：Computational Finance 计算金融学
分类描述：Computational methods, including Monte Carlo, PDE, lattice and other numerical methods with applications to financial modeling
计算方法，包括蒙特卡罗，偏微分方程，格子和其他数值方法，并应用于金融建模
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一级分类：Quantitative Finance 数量金融学
二级分类：Mathematical Finance 数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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一级分类：Quantitative Finance 数量金融学
二级分类：Risk Management 风险管理
分类描述：Measurement and management of financial risks in trading, banking, insurance, corporate and other applications
衡量和管理贸易、银行、保险、企业和其他应用中的金融风险
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