BoE paper models stress in non-bank sector

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A team of researchers has developed a model for understanding how stress might spread through the non-bank sector, presenting their results in a Bank of England working paper.

David Aikman, Pavel Chichkanov, Graeme Douglas, Yordan Georgiev, James Howat and Benjamin King say that it is not currently well understood how market-based finance responds to severe stress.

The authors outline a general equilibrium model in System-wide stress simulation. The model includes representative agents for key

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