Where the Risks Lie: A Survey on Systemic Risk

Sylvain Benoît, Jean-Edouard Colliard, Christophe Hurlin and Christophe Perignon ()
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Sylvain Benoît: LEDA-SDFi - Stratégie et Dynamiques Financières - LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: We review the extensive literature on systemic risk and connect it to the current regulatory debate. While we take stock of the achievements of this rapidly growing field, we identify a gap between two main approaches. The first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory tools. The second approach uses market data to produce global measures which are not directly connected to any particular theory, but could support a more efficient regulation. Bridging this gap will require encompassing theoretical models and improved data disclosure.

Keywords: Banking; Macroprudential Regulation; Systemically Important Financial Institutions; Financial Crises; Too-Big-To-Fail (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (183)

Published in Review of Finance, 2017, ⟨10.1093/rof/rfw026⟩

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Related works:
Journal Article: Where the Risks Lie: A Survey on Systemic Risk (2017)
Working Paper: Where the Risks Lie: A Survey on Systemic Risk (2015)
Working Paper: Where the Risks Lie: A Survey on Systemic Risk (2015)
Working Paper: Where the Risks Lie: A Survey on Systemic Risk (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01498631

DOI: 10.1093/rof/rfw026

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