les rendements financiers sont-ils aléatoires ?

Pierre-Charles Pradier

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Abstract: Since last century, financial returns are usually represented by random variables (especially normally-distributed RV). This representation leads to an emphasis on regulatory capital as the most convenient way to supervise banks. This approach has shown to be unable to curb systemic risk. Thinking in terms of uncertainty leads to an entirely different framework for banking regulation, were a targeted tax can disrupt the buildup of systemic risk on specific instruments.

Date: 2011-06-22
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Published in Data Mathematica, Jun 2011, Paris, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00651281

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