On systemically important financial institutions and progressive systemic mitigation
AbstractOne of the most important issues in the regulatory reform debate is that of systemically important financial institutions. This paper proposes a framework for identifying and supervising such institutions; the framework is designed to remove the advantages they derive from becoming systemically important and to give them more time-consistent incentives. It defines criteria for classifying firms as systemically important: size (the classic doctrine of too big to let fail) and the four C’s of systemic importance (contagion, concentration, correlation, and conditions); it also discusses the concept of progressive systemic mitigation.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Policy Discussion Papers.
Volume (Year): (2009)
Issue (Month): Aug ()
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