Lessons from the Current Financial Crisis. A Risk Management Approach
AbstractIn the last twenty years, the financial risk management has gained an important role for the companies and financial institutions. Financial innovations have improved the efficiency of risk management process, but at the same time, they have imposed new challenges for market participants and their supervisors in the areas of systemic risk. An important feature of periods of financial innovation is that the rapid increase in new products and changes in the structure of those markets can outpace the development of the risk management and processing and settlement infrastructure. The current financial crisis has revealed significant weaknesses in risk management practices across the financial services industry. This paper analyses the main lessons that can be drawn from the current financial crisis in order to improve the financial risk management.
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Bibliographic InfoArticle provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.
Volume (Year): (2009)
Issue (Month): 3 (May)
risk management; financial crisis; lessons; credit derivatives; financial innovation; systemic risk;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Daianu, Daniel & Lungu, Laurian, 2008. "Why Is This Financial Crisis Occurring? How To Respond To It?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(4), pages 59-87, December.
- Michael S. Gibson, 2007. "Credit derivatives and risk management," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 25-41.
- Michael S. Gibson, 2007. "Credit derivatives and risk management," Finance and Economics Discussion Series 2007-47, Board of Governors of the Federal Reserve System (U.S.).
- NUCU, Anca Elena, 2011.
"Managementul riscului de creditare: realizari actuale, analiza critica, sugestii
[Credit risk management: current achievements, critical analysis, suggestions]," MPRA Paper 27932, University Library of Munich, Germany.
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