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Where the Risks Lie: A Survey on Systemic Risk

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Date
2017
Link to item file
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2577961
Dewey
Economie financière
Sujet
Banking; Macroprudential Regulation; Systemically Important Financial Institutions; Financial Crises; Too-Big-To-Fail; G01; G32
JEL code
G.G3.G32; G.G0.G01
Journal issue
Review of Finance
Volume
21
Number
1
Publication date
2017
Article pages
109-152
Publisher
Kluwer Academic Publishers
DOI
http://dx.doi.org/10.1093/rof/rfw026
URI
https://basepub.dauphine.fr/handle/123456789/16304
Collections
  • LEDa : Publications
Metadata
Show full item record
Author
Benoit, Sylvain
Colliard, Jean-Edouard
Hurlin, Christophe
Pérignon, Christophe
Type
Article accepté pour publication ou publié
Abstract (EN)
We review the extensive literature on systemic risk and connect it to the current regulatory debate. While we take stock of the achievements of this rapidly growing field, we identify a gap between two main approaches. The first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory tools. The second approach uses market data to produce global measures which are not directly connected to any particular theory, but could support a more efficient regulation. Bridging this gap will require encompassing theoretical models and improved data disclosure.

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