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Regulating Systemic Risk through Transparency: Tradeoffs in Making Data Public

  • Augustin Landier
  • David Thesmar

Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag and granularity of such open data can be chosen to maximize welfare, depending on the relative magnitude of economic frictions. We lay out a simple framework to choose optimal transparency of financial data.

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File URL: http://www.nber.org/papers/w17664.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17664.

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Date of creation: Dec 2011
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Publication status: published as Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public , Augustin Landier, David Thesmar. in Risk Topography: Systemic Risk and Macro Modeling , Brunnermeier and Krishnamurthy. 2014
Handle: RePEc:nbr:nberwo:17664
Note: PE
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  7. Acharya, Viral V. & Schnabl, Philipp & Suarez, Gustavo, 2013. "Securitization without risk transfer," Journal of Financial Economics, Elsevier, vol. 107(3), pages 515-536.
  8. Luigi Zingales, 2009. "The Future of Securities Regulation," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 391-425, 05.
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