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This paper analyses the small-signal stability of distributed DC power systems for 'more-electric' aircraft. The dynamic models of the generation, transmission and load sub-systems are first derived separately. Non-linear state-space equations representing the complete system dynamic behaviour are subsequently formulated by integrating the sub-system models based on the circuit laws. The small-signal stability of the system under a given operating condition is then assessed by evaluating the eigenvalues of the Jacobian matrix of the non-linear system state-space equations. Time domain simulations have also been performed to support the results obtained from the eigenvalue analysis.