Fire Sales in a Model of Complexity
该模型研究金融危机如何源于内生复杂性，即银行对交叉风险暴露网络的不确定性，这种复杂性会放大交易对手风险并阻碍健康银行购买风险资产，产生多米诺效应。
ABSTRACT We present a model of financial crises that stem from endogenous complexity . We conceptualize complexity as banks' uncertainty about the financial network of cross exposures. As conditions deteriorate, cross exposures generate the possibility of a domino effect of bankruptcies. As this happens, banks face an increasingly complex environment since they need to understand a greater fraction of the financial network to assess their own financial health. Complexity dramatically amplifies banks' perceived counterparty risk, and makes relatively healthy banks reluctant to buy risky assets. The model also features a novel complexity externality .