NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Nicolae Gârleanu, Stavros Panageas, Jianfeng Yu

NBER Working Paper No. 19381
Issued in August 2013

---- Acknowledgements -----

We are grateful for comments and suggestions from Saki Bigio, Xavier Gabaix, Douglas Gale, Michael Gallmeyer, Anna Pavlova, Alp Simsek, and as well as participants at the NBER AP, NBER SI Macro-Finance (ME), Minnesota Macro-AP conference, Studienzentrum Gerzensee, the Cowles Foundation GE conference, LBS Four nations cup, and the Finance Theory Group conferences, and seminar audiences at Univ. of Alberta, Univ. of Birmingham, Columbia Business School, Erasmus University, Hanken, HEC Paris, Univ. of Hong Kong, HKUST, INSEAD, LBS, LSE, Stanford-GSB, Tilburg, Vanderbilt, Univ. of Washington, Yale SOM. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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