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Containing Systemic Risk

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Author Info

  • Karl Whelan

    (University College Dublin)

Abstract

Systemic risk refers to the risk of financial system breakdown due to linkages between institutions. This risk cannot be assessed by looking at how individual institutions manage risks but instead requires a full understanding of how the system as a whole operates. At present, the data available to central banks and financial regulators are not at all adequate for the task of assessing systemic risk and the new European Systemic Risk Board needs to address this issue. There is a lot of exciting ongoing research devoted to measuring systemic risk and providing signals to regulators as to when and where they should intervene. However, the tools being developed are still limited in their usefulness. More pressing than the development of these tools is the development and implementation of policy measures to make the financial system more robust. These measures should include higher capital ratios, limits on non-core funding and redesigning financial systems to be less complex.

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File URL: http://www.ucd.ie/t4cms/wp09.27.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200927.

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Length: 23 pages
Date of creation: 01 Dec 2009
Date of revision:
Handle: RePEc:ucn:wpaper:200927

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Related research

Keywords: Financial Risk; Systemic Risk; Banking;

This paper has been announced in the following NEP Reports:

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  1. Helmut Elsinger & Alfred Lehar & Martin Summer, 2006. "Using Market Information for Banking System Risk Assessment," International Journal of Central Banking, International Journal of Central Banking, vol. 2(1), March.
  2. Alessi, Lucia & Detken, Carsten, 2009. "'Real time'early warning indicators for costly asset price boom/bust cycles: a role for global liquidity," Working Paper Series 1039, European Central Bank.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
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