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<p class="MsoTitle"><span
style="font-size:18.0pt;font-family:"Times New
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font-weight:normal;mso-bidi-font-weight:bold;text-decoration:none;text-underline:
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<h2><span style="font-family:"Times New
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<pre style="text-align:center"><b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal"><span style="font-size:18.0pt;
font-family:"Times New Roman","serif";mso-ansi-language:EN-US" lang="EN-US">“</span></i></b><b style="mso-bidi-font-weight:normal"><span style="font-size:18.0pt;
font-family:"Times New Roman","serif";mso-ansi-language:EN-US" lang="EN-US">When Micro Prudence increases Macro Risk: The Destabilizing Effects of Financial Innovation, Leverage, and Diversification<i style="mso-bidi-font-style:normal">”</i><o:p></o:p></span></b></pre>
<p class="MsoNormal" style="text-align:justify"><b
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style="mso-bidi-font-style:normal"><span
style="font-family:"Times New
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lang="EN-US"><o:p> </o:p></span></i></b></p>
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style="mso-bidi-font-weight: normal"><i
style="mso-bidi-font-style:normal"><span
style="font-size:10.0pt;font-family:"Times New
Roman","serif";mso-ansi-language: EN-US"
lang="EN-US">Abstract<o:p></o:p></span></i></b></p>
<p class="MsoNormal" style="text-align:justify"><span
style="font-family:"Times New
Roman","serif";mso-ansi-language:EN-US"
lang="EN-US">By exploiting basic common practice accounting
and risk management rules, we propose a simple analytical
dynamical framework to investigate the effects of micro-
prudential changes on macro-prudential outcomes. Specifically,
we study the consequence of the introduction of a financial
innovation that allow reducing the cost of portfolio
diversification in a financial system populated by financial
institutions having capital requirements in the form of VaR
constraint and following standard mark-to- market and risk
management rules. We provide a full analytical quantification
of the multivariate feedback effects between investment prices
and bank behavior induced by portfolio rebalancing in presence
of asset illiquidity and show how changes in the constraints
of the bank portfolio optimization endogenously drive the
dynamics of the balance sheet aggregate of financial
institutions and, thereby, the availability of bank liquidity
to the economic system and systemic risk. The model shows that
when financial innovation reduces the cost of diversification
below a given threshold, the strength (due to higher leverage)
and coordination (due to similarity of bank portfolios) of
feed- back</span><span style="mso-ansi-language:EN-US"
lang="EN-US"> effects </span><span
style="font-family:"Times New
Roman","serif";mso-ansi-language:EN-US"
lang="EN-US">increase, triggering a transition from a
stationary dynamics of price returns to a non stationary one
characterized by steep growths (bubbles) and plunges (bursts)
of market prices.</span><b style="mso-bidi-font-weight:normal"><i
style="mso-bidi-font-style:normal"><span
style="font-size:10.0pt; font-family:"Times New
Roman","serif";mso-ansi-language:EN-US"
lang="EN-US"><o:p></o:p></span></i></b></p>
<p class="MsoNormal" style="text-align:justify"><span
style="font-size:16.0pt; font-family:"Times New
Roman","serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-align:justify"><span
style="font-size:16.0pt; font-family:"Times New
Roman","serif"">Tutti gli interessati sono
invitati a partecipare.<o:p></o:p></span></p>
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<p class="MsoBodyText" style="tab-stops:9.0cm"><span
style="font-size:16.0pt; font-family:"Times New
Roman","serif";mso-ansi-language:IT">Classe di
Scienze<o:p></o:p></span></p>
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<pre class="moz-signature" cols="72">--
--------------------------------------------------------------------------------
Valeria Giuliani
Scuola Normale Superiore
Servizio Supporto Attivitā Didattiche - Scienze
Tel. 050-509260
Fax. 050-509045
Piazza dei Cavalieri, 7
56126 Pisa
E-Mail: <a moz-do-not-send="true" class="moz-txt-link-abbreviated" href="mailto:v.giuliani@sns.it">v.giuliani@sns.it</a>
E-Mail: <a moz-do-not-send="true" class="moz-txt-link-abbreviated" href="mailto:segreteria.scienze@sns.it">segreteria.scienze@sns.it</a>
Le informazioni contenute nella presente e-mail e nei relativi allegati possono essere riservate e sono, comunque, destinate esclusivamente al destinatario in indirizzo.
E’ vietata, pertanto, la diffusione, distribuzione e/o copiatura di tali informazioni da parte di qualsiasi soggetto diverso dal destinatario.
Chiunque abbia ricevuto o letto questa e-mail per errore o senza esserne legittimato č invitato a darne immediatamente notizia al mittente tramite fax o e-mail e a distruggerla.
Grazie.
</pre>
</blockquote>
<br>
<br>
<pre class="moz-signature" cols="72">--
--------------------------------------------------------------------------------
Valeria Giuliani
Scuola Normale Superiore
Servizio Supporto Attivitā Didattiche - Scienze
Tel. 050-509260
Fax. 050-509045
Piazza dei Cavalieri, 7
56126 Pisa
E-Mail: <a class="moz-txt-link-abbreviated" href="mailto:v.giuliani@sns.it">v.giuliani@sns.it</a>
E-Mail: <a class="moz-txt-link-abbreviated" href="mailto:segreteria.scienze@sns.it">segreteria.scienze@sns.it</a>
Le informazioni contenute nella presente e-mail e nei relativi allegati possono essere riservate e sono, comunque, destinate esclusivamente al destinatario in indirizzo.
E’ vietata, pertanto, la diffusione, distribuzione e/o copiatura di tali informazioni da parte di qualsiasi soggetto diverso dal destinatario.
Chiunque abbia ricevuto o letto questa e-mail per errore o senza esserne legittimato č invitato a darne immediatamente notizia al mittente tramite fax o e-mail e a distruggerla.
Grazie.
</pre>
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