New Directions For Understanding Systemic Risk

Author : National Research Council,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications
Publisher : National Academies Press
Page : 120 pages
File Size : 42,6 Mb
Release : 2008-01-17
Category : Political Science
ISBN : 9780309107525

Get Book

New Directions for Understanding Systemic Risk by National Research Council,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications Pdf

The stability of the financial system and the potential for systemic events to alter its function have long been critical issues for central bankers and researchers. Recent events suggest that older models of systemic shocks might no longer capture all of the possible paths of such disturbances or account for the increasing complexity of the financial system. To help assess these concerns, the Federal Reserve Bank of New York and the NRC cosponsored a conference that brought together engineers, scientists, economists, and financial market experts to promote better understanding of systemic risk in a variety of fields. The book presents an examination of tools used in ecology and engineering to study systemic collapse in those areas; a review of current trends in economic research on systemic risk, the payments system, and the market of interbank funds; and for context, descriptions of how systemic risk in the financial system affects trading activities.

Author : Yvonne Kreis,Dietmar Leisen,Jorge Ponce
Publisher : World Scientific Publishing Company
Page : 0 pages
File Size : 46,6 Mb
Release : 2019
Category : Finance
ISBN : 9811201056

Get Book

Systemic Risk by Yvonne Kreis,Dietmar Leisen,Jorge Ponce Pdf

Systemic Risk: History, Measurement and Regulation presents an overview of this emerging form of risk from a global perspective. Systemic risks endanger entire financial systems, not just individual financial institutions. In this volume, the authors review how systemic risk has evolved over the last 40 years across continents to come to the forefront of regulatory attention. They then discuss transmissions channels, provide a review of systemic risk measures, and describe new regulations that have been introduced, as well as the theory and practice of financial stability committees that have been set up internationally. Overall, the book provides a practical guide to understand, identify, assess and control systemic risk. While the financial research on systemic risk has strongly increased since the events of 2008, this book is a first in providing a detailed yet concise overview of the topic, covering the history of systemic risk, its measurement, and its regulation. The authors provide both academic and practitioner-oriented insights, and draw on their different regions of expertise to provide a global perspective on systemic risk.

Author : Jean-Pierre Fouque,Joseph A. Langsam
Publisher : Cambridge University Press
Page : 993 pages
File Size : 45,5 Mb
Release : 2013-05-23
Category : Business & Economics
ISBN : 9781107023437

Get Book

Handbook on Systemic Risk by Jean-Pierre Fouque,Joseph A. Langsam Pdf

The Handbook on Systemic Risk, written by experts in the field, provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. The Handbook explores the multidisciplinary approaches to analyzing this risk, the data requirements for further research, and the recommendations being made to avert financial crisis. The Handbook is designed to encourage new researchers to investigate a topic with immense societal implications as well as to provide, for those already actively involved within their own academic discipline, an introduction to the research being undertaken in other disciplines. Each chapter in the Handbook will provide researchers with a superior introduction to the field and with references to more advanced research articles. It is the hope of the editors that this Handbook will stimulate greater interdisciplinary academic research on the critically important topic of systemic risk in the global financial markets.

Author : Charles Albert Eric Goodhart
Publisher : Unknown
Page : 46 pages
File Size : 53,8 Mb
Release : 2004
Category : Banks and banking
ISBN : STANFORD:36105115189776

Get Book

Some New Directions for Financial Stability? by Charles Albert Eric Goodhart Pdf

Author : Andreas Jobst
Publisher : International Monetary Fund
Page : 70 pages
File Size : 44,5 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505597

Get Book

Measuring Systemic Risk-Adjusted Liquidity (SRL) by Andreas Jobst Pdf

Little progress has been made so far in addressing—in a comprehensive way—the externalities caused by impact of the interconnectedness within institutions and markets on funding and market liquidity risk within financial systems. The Systemic Risk-adjusted Liquidity (SRL) model combines option pricing with market information and balance sheet data to generate a probabilistic measure of the frequency and severity of multiple entities experiencing a joint liquidity event. It links a firm’s maturity mismatch between assets and liabilities impacting the stability of its funding with those characteristics of other firms, subject to individual changes in risk profiles and common changes in market conditions. This approach can then be used (i) to quantify an individual institution’s time-varying contribution to system-wide liquidity shortfalls and (ii) to price liquidity risk within a macroprudential framework that, if used to motivate a capital charge or insurance premia, provides incentives for liquidity managers to internalize the systemic risk of their decisions. The model can also accommodate a stress testing approach for institution-specific and/or general funding shocks that generate estimates of systemic liquidity risk (and associated charges) under adverse scenarios.

Author : El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar
Publisher : International Monetary Fund
Page : 35 pages
File Size : 51,5 Mb
Release : 2021-10-22
Category : Business & Economics
ISBN : 9781589063952

Get Book

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar Pdf

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Author : William Leiss
Publisher : University of Ottawa Press
Page : 187 pages
File Size : 53,9 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 9780776619279

Get Book

The Doom Loop in the Financial Sector by William Leiss Pdf

In the past two years, the world has experienced how unsound economic practices can disrupt global economic and social order. Today’s volatile global financial situation highlights the importance of managing risk and the consequences of poor decision making. The Doom Loop in the Financial Sector reveals an underlying paradox of risk management: the better we become at assessing risks, the more we feel comfortable taking them. Using the current financial crisis as a case study, renowned risk expert William Leiss engages with the new concept of “black hole risk” — risk so great that estimating the potential downsides is impossible. His risk-centred analysis of the lead-up to the crisis reveals the practices that brought it about and how it became common practice to use limited risk assessments as a justification to gamble huge sums of money on unsound economic policies. In order to limit future catastrophes, Leiss recommends international cooperation to manage black hole risks. He believes that, failing this, humanity could be susceptible to a dangerous nexus of global disasters that would threaten human civilization as we know it.

Author : Dariel De Sousa
Publisher : Taylor & Francis
Page : 237 pages
File Size : 46,8 Mb
Release : 2022-09-29
Category : Law
ISBN : 9781000683936

Get Book

Law, Policy and Climate Change by Dariel De Sousa Pdf

Focusing on systemic risks caused by climate change, this book examines how these risks can be effectively regulated to ensure resilience and avoid catastrophe. Systemic risks are risks that threaten the systems upon which society depends, including ecosystems, social systems, financial systems, and systems of infrastructure. Such risks are typically characterised by inherent complexity, profound uncertainty, and overwhelming ambiguity. In combination, these features pose significant regulatory challenges for policy and law-makers. Examining how different types of systemic risks caused by climate change are being regulated in four different jurisdictions – the EU, the UK, the US and Australia – this book identifies deficiencies associated with regulating systemic risks using a traditional approach, based on a linear relationship between risk and regulation, which is widely used to regulate risk. The book advances a regulatory approach that is, instead, founded on the concept of "risk governance". This involves a structured yet flexible, holistic, interdisciplinary and inclusive basis for responding to systemic risks; and it is, this book argues, a more effective basis for regulating systemic risks given their uncertainty, complexity and ambiguity. This book will appeal to academics, policy and law-makers and practitioners working at the intersection of law and policy in the areas of regulation, risk management and climate change.

Author : John G. Voeller
Publisher : John Wiley & Sons
Page : 2950 pages
File Size : 47,7 Mb
Release : 2010-04-12
Category : Science
ISBN : 9780471761303

Get Book

Wiley Handbook of Science and Technology for Homeland Security, 4 Volume Set by John G. Voeller Pdf

The Wiley Handbook of Science and Technology for Homeland Security is an essential and timely collection of resources designed to support the effective communication of homeland security research across all disciplines and institutional boundaries. Truly a unique work this 4 volume set focuses on the science behind safety, security, and recovery from both man-made and natural disasters has a broad scope and international focus. The Handbook: Educates researchers in the critical needs of the homeland security and intelligence communities and the potential contributions of their own disciplines Emphasizes the role of fundamental science in creating novel technological solutions Details the international dimensions of homeland security and counterterrorism research Provides guidance on technology diffusion from the laboratory to the field Supports cross-disciplinary dialogue in this field between operational, R&D and consumer communities

Author : Hans Kaper,Christiane Rousseau
Publisher : SIAM
Page : 198 pages
File Size : 42,8 Mb
Release : 2015-03-31
Category : Science
ISBN : 9781611973709

Get Book

Mathematics of Planet Earth by Hans Kaper,Christiane Rousseau Pdf

Our planet faces many challenges. In 2013, an international partnership of more than 140 scientific societies, research institutes, and organizations focused its attention on these challenges. This project was called Mathematics of Planet Earth and featured English- and French-language blogs, accessible to nonmathematicians, as part of its outreach activities. This book is based on more than 100 of the 270 English-language blog posts and focuses on four major themes: A Planet to Discover; A Planet Supporting Life; A Planet Organized by Humans; and A Planet at Risk. Readers will learn about the challenges that confront the Earth today, and how mathematics and mathematicians contribute to a better understanding of some of these challenges. ?

Author : Andreas R. Dombret,Otto Lucius
Publisher : Edward Elgar Publishing
Page : 556 pages
File Size : 53,9 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9781782547846

Get Book

Stability of the Financial System by Andreas R. Dombret,Otto Lucius Pdf

ÔFinancial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.Õ Ð Axel Weber, Chair of Supervisory Board, UBS ÔSince 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.Õ Ð Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US ÔThere was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) Ð the challenge is to create an effective, efficient yet stable and sustainable financial system for this Ònew worldÓ. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.Õ Ð Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG ÔFinancial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.Õ Ð Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank ÔThe financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.Õ Ð William C. Dudley, President of the Federal Reserve Bank of New York, US In the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability. The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability. The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other. Making an important contribution to deepening our understanding of the many facets of financial stability, this book will prove a challenging read for policy makers, regulators and central bankers as well as for researchers and scholars in the fields of economics, money, finance and banking.

Author : Victor Galaz
Publisher : Edward Elgar Publishing
Page : 336 pages
File Size : 52,8 Mb
Release : 2019-12-27
Category : Political Science
ISBN : 9781788115421

Get Book

Global Challenges, Governance, and Complexity by Victor Galaz Pdf

There is an increased interest in integrating insights from the complexity sciences to studies of governance and policy. While the issue has been debated, and the term of ‘complexity’ has multiple and sometimes contested interpretations, it is also clear the field has spurred a number of interesting theoretical and empirical efforts. The book includes key thinkers in the field, elaborates on different analytical approaches in studying governance, institutions and policy in the face of complexity, and showcases empirical applications and insights.

Author : Aline Darbellay,
Publisher : Edward Elgar Publishing
Page : 292 pages
File Size : 53,5 Mb
Release : 2013-09-30
Category : Business & Economics
ISBN : 9780857939364

Get Book

Regulating Credit Rating Agencies by Aline Darbellay, Pdf

øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul

Author : Charles Palmer,Sujeet Shenoi
Publisher : Springer
Page : 257 pages
File Size : 51,7 Mb
Release : 2009-10-01
Category : Computers
ISBN : 9783642047985

Get Book

Critical Infrastructure Protection III by Charles Palmer,Sujeet Shenoi Pdf

The information infrastructure – comprising computers, embedded devices, networks and software systems – is vital to operations in every sector: inf- mation technology, telecommunications, energy, banking and ?nance, tra- portation systems, chemicals, agriculture and food, defense industrial base, public health and health care, national monuments and icons, drinking water and water treatment systems, commercial facilities, dams, emergency services, commercial nuclear reactors, materials and waste, postal and shipping, and government facilities. Global business and industry, governments, indeed - ciety itself, cannot function if major components of the critical information infrastructure are degraded, disabled or destroyed. This book, Critical Infrastructure Protection III, is the third volume in the annualseriesproducedbyIFIP WorkingGroup11.10onCriticalInfrastructure Protection, an active international community of scientists, engineers, prac- tioners and policy makers dedicated to advancing research, development and implementation e?orts related to critical infrastructure protection. The book presents original research results and innovative applications in the area of infrastructure protection. Also, it highlights the importance of weaving s- ence, technology and policy in crafting sophisticated, yet practical, solutions that will help secure information, computer and network assets in the various critical infrastructure sectors. This volume contains seventeen edited papers from the Third Annual IFIP Working Group 11.10 International Conference on Critical Infrastructure P- tection, held at Dartmouth College, Hanover, New Hampshire, March 23–25, 2009. The papers were refereed by members of IFIP Working Group 11.10 and other internationally-recognized experts in critical infrastructure protection.

Author : Michael J. Mazarr
Publisher : Springer
Page : 246 pages
File Size : 44,6 Mb
Release : 2016-05-18
Category : Political Science
ISBN : 9781349918430

Get Book

Rethinking Risk in National Security by Michael J. Mazarr Pdf

This book examines the role of risk management in the recent financial crisis and applies lessons from there to the national security realm. It rethinks the way risk contributes to strategy, with insights relevant to practitioners and scholars in national security as well as business. Over the past few years, the concept of risk has become one of the most commonly discussed issues in national security planning. And yet the experiences of the 2007-2008 financial crisis demonstrated critical limitations in institutional efforts to control risk. The most elaborate and complex risk procedures could not cure skewed incentives, cognitive biases, groupthink, and a dozen other human factors that led companies to take excessive risk. By embracing risk management, the national security enterprise may be turning to a discipline just as it has been discredited.