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ABSTRACT This paper is concerned with the problem of capital provision in a large particle system modeled by stochastic differential equations involving hitting times, which arises from considerations of systemic risk in a financial network. Motivated by Tang and Tsai, we focus on the number or proportion of surviving entities that never default to measure the systemic robustness. First we show that the mean‐field particle system and its limit McKean–Vlasov equation are both well‐posed by virtue of the notion of minimal solutions. We then establish a connection between the proportion of surviving entities in the large particle system and the probability of default in the McKean–Vlasov equation as the size of the interacting particle system tends to infinity. Finally, we study the asymptotic efficiency of capital provision for different drift , which is linked to the economy regime: The expected number of surviving entities has a uniform upper bound if ; it is of order if ; and it is of order if , where the effect of capital provision is negligible.
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Racial Capital, Abolition, and a Geographic Argument for Reparations
Abstract Tracing the development of Lehman Brothers from their roots as a dry goods store in Montgomery, Alabama, into a Fortune 500 global financial services company that collapsed in the 2007 financial crisis reveals the contours of US‐style racial capitalism. We highlight how race and capital are geographically rooted in the United States. At the heart of our argument is an understanding of the geographic imperative of capital which creates and exploits differences to wrench capital’s profits from the blood, sweat, and toil of racialised bodies. Perhaps most geographically significant, we advance a second, interrelated argument, the geographic case for reparations. By arguing the system itself is entirely and wholly wrapped in race in ways that extend and advance practices of exploitation, we understand reparations that do not fundamentally undermine, transform, destabilise or smash the system as doomed to be short‐term solutions to long‐term structural problems.
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- Award ID(s):
- 1660274
- PAR ID:
- 10233463
- Publisher / Repository:
- Wiley-Blackwell
- Date Published:
- Journal Name:
- Antipode
- Volume:
- 53
- Issue:
- 4
- ISSN:
- 0066-4812
- Page Range / eLocation ID:
- p. 1083-1103
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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