The Transmission of Shocks in Endogenous Financial Networks: A Structural Approach
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We would like to thank Andy Atkeson, Celso Brunetti, Giovanni Dell’ariccia, Bernard Dumas, Carlos Iván Cañón Salazar, Jeffrey Frankel, Ralph Koijen, Augustin Landier, Andrei Levchenko, Stavros Panageas, Hashem Pesaran, Hélène Rey, David Thesmar, Aaron Tornell, Pierre-Olivier Weil, as well as the audience of the NBER International Seminar on Macroeconomics, the North American Meeting of the Econometric Society at UC Davis, the International Association for Applied Econometrics annual conference in Montreal, the Tokyo Macroeconomics workshop, CREST, the Tsinghua Workshop in International Finance, Banque de France, the Paris Financial Management Conference, UCLA, UC Riverside, IMF, USC/INET, the SCOR conference at the Paris School of Economics, the Bank of England for fruitful comments on previous versions of the paper. The standard disclaimers apply. We thank CEPREMAP for financial support, and the Banque de France for providing us access to bank-level data through the Open Data Room initiative. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.