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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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lang="EN-US"><o:p> </o:p></span></i></b></p>
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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>
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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
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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 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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