The paper presents a comprehensive model of a banking system that integrates network effects, bankruptcy costs, fire sales, and cross-holdings. For the integrated financial market we prove the existence of a price-payment equilibrium and design an algorithm for the computation of the greatest and the least equilibrium. The number of defaults corresponding to the greatest price-payment equilibrium is analyzed in several comparative case studies. These illustrate the individual and joint impact of interbank liabilities, bankruptcy costs, fire sales and cross-holdings on systemic risk. We study policy implications and regulatory instruments, including central bank guarantees and quantitative easing, the significance of last wills of financial institutions, and capital requirements.

中文翻译：

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破产成本，售火和交叉持有对金融网络系统性风险的共同影响

本文提出了一个综合的银行系统模型，该模型集成了网络效应，破产成本，火灾销售和交叉持股。对于综合金融市场，我们证明了价格支付均衡的存在，并设计了计算最大均衡和最小均衡的算法。在几个比较案例研究中，分析了与最大的价格支付均衡相对应的违约数量。这些说明了银行间负债，破产成本，卖火和交叉持有对系统性风险的个别和共同影响。我们研究政策影响和监管手段，包括中央银行担保和量化宽松，金融机构最后遗嘱的重要性以及资本需求。