英文标题：
《Banks as Tanks: A Continuous-Time Model of Financial Clearing》
---
作者：
Isaac M. Sonin and Konstantin Sonin
---
最新提交年份：
2020
---
英文摘要：
We present a simple continuous-time model of clearing in financial networks. Financial firms are represented as \"tanks\" filled with fluid (money), flowing in and out. Once \"pipes\" connecting \"tanks\" are open, the system reaches the clearing payment vector in finite time. This approach provides a simple recursive solution to a classical static model of financial clearing in bankruptcy, and suggests a practical payment mechanism. With sufficient resources, a system of mutual obligations can be restructured into an equivalent system that has a cascade structure: there is a group of banks that paid off their debts, another group that owes money only to banks in the first group, and so on. Technically, we use the machinery of Markov chains to analyze evolution of a deterministic dynamical system.
---
中文摘要：
我们提出了一个简单的金融网络清算的连续时间模型。金融公司被描述为充满流动性（货币）的“储罐”，流入和流出。一旦连接“储罐”的“管道”打开，系统将在有限时间内达到清算支付向量。该方法为破产财务清算的经典静态模型提供了一个简单的递归解，并提出了一种实用的支付机制。如果有足够的资源，一个相互债务体系可以重组为一个具有级联结构的等效体系：有一组银行偿还债务，另一组只欠第一组中的银行，依此类推。在技术上，我们使用马尔可夫链的机制来分析确定性动力系统的演化。
---
分类信息：

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。
--
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
--

---
PDF下载：
-->