摘要翻译：
我研究了一个大的随机经济的极限，在这个经济中，一组消费者投资于银行设计的金融工具，以优化他们未来的消费。这一研究表明，即使在完全竞争的理想情况下，在所有市场参与者都可以获得充分信息的情况下，当市场接近完全性和交易成本消失时，均衡对市场不完全性产生了明显的脆弱性（或易感性）。交易成本的下降是因为金融机构利用交易工具来对冲其他工具。这就要求银行间市场的交易量在完全市场的限制下有所差异。这些结果表明，金融工具的激增加剧了市场不完善的影响，需要市场作为相互作用系统的理论。从不同的角度来看，为了防止不利影响的升级，市场可能需要随着复杂性的扩大而越来越明显的体制结构。
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英文标题：
《Spiraling toward market completeness and financial instability》
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作者：
Matteo Marsili
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最新提交年份：
2009
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Statistical Finance        统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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英文摘要：
  I study the limit of a large random economy, where a set of consumers invests in financial instruments engineered by banks, in order to optimize their future consumption. This exercise shows that, even in the ideal case of perfect competition, where full information is available to all market participants, the equilibrium develops a marked vulnerability (or susceptibility) to market imperfections, as markets approach completeness and transaction costs vanish. The decrease in transaction costs arises because financial institutions exploit trading instruments to hedge other instruments. This entails trading volumes in the interbank market which diverge in the limit of complete markets.   These results suggest that the proliferation of financial instruments exacerbates the effects of market imperfections, calling for theories of market as interacting systems. From a different perspective, in order to prevent an escalation of perverse effects, markets may necessitate institutional structures which are more and more conspicuous as their complexity expands.
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PDF链接：
https://arxiv.org/pdf/0906.1462