This paper provides a general framework for modeling financial contagion in a system with obligations in multiple illiquid assets. In so doing, we develop a multi-layered financial network that extends the single network of \cite{EN01}. In particular, we develop a financial contagion model with fire sales that allows institutions to both buy and sell assets to cover their liabilities and act as utility maximizers. We also emphasize the value of this general framework in studying a dynamic or multiple maturity setting for financial contagion.
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