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Post-crisis financial risk management: Some suggestions

Author

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  • Rebonato, Riccardo

Abstract

This paper argues the case that, when it comes to the management of financial risk, it is essential to provide interpretative models of reality (data do not ‘speak by themselves’); that these interpretative models are not unique; that too little attention has been devoted to explaining rather than describing; and that the existence of a number of competing views of the world can give rise to co-ordination among traders. The implications of this for the distribution of returns are highlighted. The limits of purely statistical descriptions of risk in terms of marginal or joint distributions of risk factors are also discussed.

Suggested Citation

  • Rebonato, Riccardo, 2010. "Post-crisis financial risk management: Some suggestions," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 3(2), pages 148-155, March.
    • Handle: RePEc:aza:rmfi00:y:2010:v:3:i:2:p:148-155
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    More about this item

    Keywords

    risk management; co-ordination; herding; bubbles; return distributions;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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