@prefix epid: <https://pure.iiasa.ac.at/id/> .
  @prefix void: <http://rdfs.org/ns/void#> .
  @prefix xsd: <http://www.w3.org/2001/XMLSchema#> .
  @prefix cc: <http://creativecommons.org/ns#> .
  @prefix ep: <http://eprints.org/ontology/> .
  @prefix eprel: <http://eprints.org/relation/> .
  @prefix doi: <https://doi.org/> .
  @prefix dc: <http://purl.org/dc/elements/1.1/> .
  @prefix bibo: <http://purl.org/ontology/bibo/> .
  @prefix geo: <http://www.w3.org/2003/01/geo/wgs84_pos#> .
  @prefix owl: <http://www.w3.org/2002/07/owl#> .
  @prefix event: <http://purl.org/NET/c4dm/event.owl#> .
  @prefix skos: <http://www.w3.org/2004/02/skos/core#> .
  @prefix foaf: <http://xmlns.com/foaf/0.1/> .
  @prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
  @prefix rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
  @prefix dct: <http://purl.org/dc/terms/> .

<>
	foaf:primaryTopic <https://pure.iiasa.ac.at/id/eprint/14094>;
	rdfs:comment "The repository administrator has not yet configured an RDF license."^^xsd:string .

<https://pure.iiasa.ac.at/id/eprint/14094#authors>
	rdf:_1 <https://pure.iiasa.ac.at/id/person/ext-8754>;
	rdf:_2 <https://pure.iiasa.ac.at/id/person/ext-1918> .

<https://pure.iiasa.ac.at/id/eprint/14094/>
	dc:format "text/html";
	dc:title "HTML Summary of #14094 \n\nMatching and Resilience in Financial Networks\n\n";
	foaf:primaryTopic <https://pure.iiasa.ac.at/id/eprint/14094> .

<https://pure.iiasa.ac.at/id/eprint/14094>
	bibo:abstract "When banks extend loans to each other, they generate a negative externality in the form of systemic risk. They create a network of interbank exposures by which they expose other banks to potential insolvency cascades. In this paper, we show how a regulator can use information ab out the financial network to devise a transaction-specific tax based on a network centrality measure that captures systemic importance. Since different transactions have different impact on creating systemic risk, they are taxed differently. We call this tax a Systemic Risk Tax (SRT). We show that this SRT induces a unique equilibrium matching of lenders and borrowers that is systemic-risk efficient, i.e. it minimizes systemic risk given a certain transaction volume. On the other hand, we show that without this SRT multiple equilibrium matchings can exist and are generally inefficient. This allows the regulator to effectively `rewire' the equilibrium interbank network so as to make it more resilient to insolvency cascades, without sacrificing transaction volume. Moreover, we show that a standard financial transaction tax (e.g. a Tobin-like tax) has no impact on reshaping the equilibrium financial network because it taxes all transactions indiscriminately. A Tobin-like tax is indeed shown to have a limited effect on reducing systemic risk while it decreases transaction volume."^^xsd:string;
	bibo:authorList <https://pure.iiasa.ac.at/id/eprint/14094#authors>;
	bibo:presentedAt <https://pure.iiasa.ac.at/id/event/ext-1add1e7cbca7a9dd0946264dce68b127>;
	bibo:status <http://purl.org/ontology/bibo/status/nonPeerReviewed>,
		<http://purl.org/ontology/bibo/status/published>;
	dct:creator <https://pure.iiasa.ac.at/id/person/ext-1918>,
		<https://pure.iiasa.ac.at/id/person/ext-8754>;
	dct:date "2016-11";
	dct:isPartOf <https://pure.iiasa.ac.at/id/repository>;
	dct:title "Matching and Resilience in Financial Networks"^^xsd:string;
	rdf:type bibo:AcademicArticle,
		bibo:Article,
		ep:ConferenceItemEPrint,
		ep:EPrint;
	rdfs:seeAlso <https://pure.iiasa.ac.at/id/eprint/14094/> .

<https://pure.iiasa.ac.at/id/event/ext-1add1e7cbca7a9dd0946264dce68b127>
	dct:title "7th Annual Financial Market Liquidity Conference"^^xsd:string;
	event:place <https://pure.iiasa.ac.at/id/location/ext-61f53e4cb79fd1a8d54cbae7e811887a>;
	rdf:type bibo:Conference,
		event:Event .

<https://pure.iiasa.ac.at/id/location/ext-61f53e4cb79fd1a8d54cbae7e811887a>
	rdf:type geo:SpatialThing;
	rdfs:label "Budapest, Hungary"^^xsd:string .

<https://pure.iiasa.ac.at/id/person/ext-1918>
	foaf:familyName "Thurner"^^xsd:string;
	foaf:givenName "S."^^xsd:string;
	foaf:name "S. Thurner"^^xsd:string;
	rdf:type foaf:Person .

<https://pure.iiasa.ac.at/id/person/ext-8754>
	foaf:familyName "Leduc"^^xsd:string;
	foaf:givenName "M.V."^^xsd:string;
	foaf:name "M.V. Leduc"^^xsd:string;
	rdf:type foaf:Person .