مقاله انگلیسی رایگان در مورد مشکل ورشکستگی در شبکه های مالی – الزویر 2018

The law and economics of default resolution in bankruptcy typically presume a single debtor that owes multiple creditors. But multiple debtors owe multiple creditors within interbank payment networks like Fedwire and CHIPS, as well as in decentralized networks created by complex interbank loan obligations. Nash Bargaining theory has previously been used to justify two popular rules for resolving default of a single debtor. I describe how to extend these rules to financial networks, but find that Nash Bargaining theory does not justify applying those rules to resolve defaults in those networks.