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Air Force Nike Trainers of the stone of monuments The
It is widely believed that diversification at financial institutions benefits the stability of the financial system. This paper shows that it also entails a cost: even though diversification reduces each institution’s individual probability of failure, it makes systemic crises more likely. When systemic crises induce additional costs (over and above individual failures), full diversification is no longer desirable as a result and the optimal degree of diversification may be arbitrarily low. We show that the analysis can be extended beyond diversification, such as to interbank insurance and financial integration. Pollution originating from wood combustion characterised the urban atmospheres of the past and led to the formation of thin grey crusts on the surface of the stone of monuments. The grey crusts discovered on the Heads of the Kings of Juda statues, which adorned Mens Nike Air Force 1 Sale the facade of Notre Dame in Paris from the 13th Air Force Nike Trainers century until 1792, constitute a material record of the effects of this ancient air pollution. The height at which the statues stood suggests that the effect was not the result of a point phenomenon, but was caused by a generalised pollution of the Paris atmosphere at the time.