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{
"_id": ObjectId("51642d36ad89aa81926ae005"),
"abstract": [
"\n We study a credit network and, in particular, an interbank system with an agent-based model. To understand the relationship between business cycles and cascades of bankruptcies, we model a three-sector economy with goods, credit and interbank market. In the interbank market, the participating banks share the risk of bad debits, which may potentially spread a bank’s liquidity problems through the network of banks. Our agent-based model sheds light on the correlation between bankruptcy cascades and the endogenous economic cycle of booms and recessions. It also demonstrates the serious trade-off between, on the one hand, reducing risks of individual banks by sharing them and, on the other hand, creating systemic risks through credit-related interlinkages of banks. As a result of our study, the dynamics underlying the meltdown of financial markets in 2008 becomes much better understandable.\n "
],
"affiliate": [
"Department of Economics, Universitá Politecnica delle Marche, Ancona, Italy",
"Department of Humanities and Social Sciences, ETH Zurich, Zurich, Switzerland",
"MIT, United States of America"
],
"article_type": "Research Article",
"author": [
"Gabriele Tedeschi",
"Amin Mazloumian",
"Mauro Gallegati",
"Dirk Helbing"
],
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"copyright": "Tedeschi et al This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.",
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"doi": "10.1371\/journal.pone.0052749",
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"issue": NumberInt(12),
"journal": "PLoS ONE",
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"modified": ISODate("2013-04-10T16:15:03.199Z"),
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"publication_date": "2012-12-31T00:00:00Z",
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"reference": [
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],
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"subject": [
"\/Research and analysis methods\/Simulation and modeling\/Agent-based modeling",
"\/Social sciences\/Economics\/Economic agents"
],
"title": "Bankruptcy Cascades in Interbank Markets",
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}
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