Where the Risks Lie: A Survey on Systemic Risk

Sylvain Benoit, Jean-Edouard Colliard, Christophe Hurlin and Christophe Perignon ()

Review of Finance, 2017, vol. 21, issue 1, 109-152

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: Financial Crises; Financial Risk and Risk Management (search for similar items in EconPapers)
JEL-codes: G01 G32 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (239)

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Related works:
Working Paper: 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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