Minimal Settlement Assets in Economies with Interconnected Financial Obligations
研究了企业间相互支付义务所需的最低流动性资产，发现企业关联度越高，需要持有该资产的企业越多，从而增加违约风险。
A model is developed where firms belonging to a group are obliged to make payments to one another by using a liquid asset. The paper studies the exogenous endowments of this asset that are necessary to assure that all obligations are met. Conditions are presented under which the degree to which firms are interconnected (so that each creditor has more debtors and each debtor has more creditors) increases the number of firms that must be endowed with the liquid asset. Interconnectedness then makes payment defaults more likely. By acquiring too many payment obligations, firms may also become too interconnected.