Lessons from the Current Financial Crisis. A Risk Management Approach

Gheorghe Voinea and Sorin Anton ()
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Gheorghe Voinea: “A.I. Cuza” University, Iasi, Romania

Review of Economic and Business Studies, 2009, issue 3, 139-147

Abstract: In 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.

Keywords: risk management; financial crisis; lessons; credit derivatives; financial innovation; systemic risk (search for similar items in EconPapers)
JEL-codes: G01 G15 G32 (search for similar items in EconPapers)
Date: 2009
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