英文标题：
《Interbank Credit and the Money Manufacturing Process. A Systemic
Perspective on Financial Stability》
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作者：
Yuri Biondi, Feng Zhou
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最新提交年份：
2017
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英文摘要：
Interbank lending and borrowing occur when financial institutions seek to settle and refinance their mutual positions over time and circumstances. This interactive process involves money creation at the aggregate level. Coordination mismatch on interbank credit may trigger systemic crises. This happened when, since summer 2007, interbank credit coordination did not longer work smoothly across financial institutions, eventually requiring exceptional monetary policies by central banks, and guarantee and bailout interventions by governments. Our article develops an interacting heterogeneous agents-based model of interbank credit coordination under minimal institutions. First, we explore the link between interbank credit coordination and the money generation process. Contrary to received understanding, interbank credit has the capacity to make the monetary system unbound. Second, we develop simulation analysis on imperfect interbank credit coordination, studying impact of interbank dynamics on financial stability and resilience at individual and aggregate levels. Systemically destabilizing forces prove to be related to the working of the banking system over time, especially interbank coordination conditions and circumstances.
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中文摘要：
银行间借贷发生在金融机构寻求随着时间和环境的推移对其共同头寸进行结算和再融资时。这一互动过程涉及到总体层面的货币创造。银行间信贷协调错配可能引发系统性危机。自2007年夏天以来，各金融机构之间的银行间信贷协调工作不再顺利，最终需要各国央行采取特殊的货币政策，以及政府的担保和救助干预。本文提出了一个基于交互异构代理的最小机构下银行间信贷协调模型。首先，我们探讨了银行间信贷协调与货币生成过程之间的联系。与普遍的理解相反，银行间信贷有能力使货币体系不受约束。其次，我们对不完善的银行间信贷协调进行了模拟分析，研究了银行间动态在个人和总体层面上对金融稳定性和弹性的影响。事实证明，随着时间的推移，系统性不稳定力量与银行系统的运行有关，尤其是银行间的协调条件和情况。
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分类信息：

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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一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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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：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：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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