@article{vanni2016endogenous,
abstract = {We build and analyze a model of dynamic network formation. The aim is to investigate which equilibrium structures do emerge and what are their properties in terms of endogenous liquidity. In the model, the evolution of the network is driven by banks' leverage and constrained by a VaR criterion. We show that under mild conditions on the types of leveraged institutions in the system, multiple equilibrium structures do emerge. Moreover, depending on the ratio between high leveraged and low leveraged insitutions the financial system can switch from a good ezquilibrium characterized by high density and high endogenous liquidity to an equilibrium displayin low network density and low levels of endogenous liquidity.},
author = {Vanni, Fabio},
journal = {Paper-Progress},
keywords = {DOLFINS{\_}T1.1,DOLFINS{\_}WP1},
mendeley-tags = {DOLFINS{\_}T1.1,DOLFINS{\_}WP1},
title = {{An Endogenous money network model of leveraged institutions}},
year = {2016}
}

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