Exit Spirals in Coupled Networked Markets
研究了当多个网络市场耦合时，市场参与更容易因退出螺旋而突然崩溃，解释了耦合如何导致脆弱性，即使单个市场稳健，耦合也会引发风险。
When are Coupled Networked Markets Prone to Sudden Collapse? Many important financial instruments are traded in large networked markets, whose fragility played a role in the Great Financial Crisis. In “Exit Spirals in Coupled Networked Markets,” Aymanns, Georg, and Golub study strategic market participation to show that fragility is exacerbated when several networked markets are coupled, so that activity in one market facilitates participation in others. Such coupling occurs, for example, when participants use relationships in one market to borrow funds to trade in others. The authors ask when market participation is prone to sudden collapse in an exit spiral. They explain when such exit spirals emerge and find that market coupling is a pervasive cause of fragility, creating exit spirals even between networks that are individually robust. The fragility of coupled markets can be mitigated if one of two coupled markets becomes centralized or if links become more correlated across markets.