Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events—such as emerging-market debt crises, bond-market meltdowns, and the Long-Term Capital Management episode—has forced a rethinking of the risks facing financial institutions and the tools available to measure and manage these risks.
The Risks of Financial Institutions examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. The contributors--from academic institutions, regulatory organizations, and banking--bring a wide range of perspectives and experience to the issue. The result is a volume that points a way forward to greater financial stability and better risk management of financial institutions.
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Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events—such as emerging-market debt crises, bond-market meltdowns, and the Long-Term Capital Management episode—has forced a rethinking of the risks facing financial institutions and the tools available to measure and manage these risks.
The Risks of Financial Institutions examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. While new financial instruments, new participants, and new technologies typically have improved the informational efficiency of markets and have facilitated the matching of savings with investment opportunities, they have also changed the speed with which new information is incorporated in prices, often giving institutions little time to adjust before they see their financial soundness imperiled by new balance sheet weaknesses or by liquidity problems. The contributors—from academic institutions, regulatory organizations, and banking—bring a wide range of perspectives and experience to the issue. The result is a volume that points a way forward to greater financial stability and better risk management of financial institutions.
About the Author
Mark Carey is finance project manager in the Division of International Finance at the Federal Reserve Board. René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics at the Ohio State University and a research associate of the NBER.
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United States, Til Schuermann, Mila Getmansky, Nicholas Chan, Journal of Finance, Philipp Hartmann, Hashem Pesaran, Basel Committee, Stefan Straetmans, Working Paper, Estimating Bank Trading Risk, Short Equity, Ross Levine, Patrick de Fontnouvelle, Banking Supervision, New York, Björn-Jakob Treutler, The Netherlands, Morgan Chase, Monte Carlo, Default Risk Sharing, Thorsten Beck, Review of Financial Studies, Ash Demirgüç-Kunt, American Economic Review Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
- Global and National Macroeconometric Modelling: A Long-Run Structural Approach by Anthony Garratt in Back Matter
- The Dynamics of the Hedge Fund Industry by Andrew W. Lo in Back Matter
- Rethinking Bank Regulation: Till Angels Govern by James R. Barth in Back Matter
- The Advanced Measurement Approach to Operational Risk by Ellen Davis on page 57
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