International Contagion Through Leveraged Financial Institutions
研究2008-2009金融危机如何通过杠杆金融机构的资产负债表损失从美国传染至全球，发现模型在现实参数下无法解释危机的全球规模和传染程度。
The 2008 –2009 financial crises, while originating in the United States, witnessed a drop in asset prices and output that was at least as large in the rest of the world. We investigate, in the context of a simple two-country model, whether this could have been the result of transmission through leveraged financial institutions. The paper highlights what the various transmission mechanisms associated with balance sheet losses are. For realistic parameters we find that the model cannot account for the global nature of the crisis, both in terms of the size of the impact and the extent of transmission.