..., there are problems such as uneven distribution of risks; therefore, in order to ensure the normal construction and operation of the project, the reasonable sharing of risks among the participants becomes an urgent problem to be solved. In order to make each participant clearly understand the risk sharing of smart...

... the limited value of systemic risks, namely, for regulators only, by means of a first CLD. In Section 3.2, we present a second CLD to draw a more realistic picture of how risk-sharing in banking works in practice. Then in the third part, we elaborate on why systemic risks have been regarded as immaterial...