Affordable Access

Publisher Website

Le risque systémique dans la finance libéralisée

Authors
Journal
Revue d économie financière
0987-3368
Publisher
PERSEE Program
Publication Date
Volume
70
Issue
1
Identifiers
DOI: 10.3406/ecofi.2003.4819
Disciplines
  • Economics

Abstract

Systemic and financial liberalization Systemic risk may stem from a contagion process triggered by an exogenous shock or be originated endogenously in the financial cycle by the interplay of credit and asset prices. Financial liberalization has played down the first type and magnified the second type of systemic risk. This shift can be explained by the widespread use of the VaR framework in internal risk control systems and by risk transfer mechanisms via derivative markets. A Strategic interdependence has intertwined banks and non banks throughout the financial system worldwide. lt leads to systemic risk while the macroeconomic conditions of the cycle have turned around. Central banks should conceive leading macroeconomic indicators to detect the buildup of financial fragilities in the upswing of the cycle and run macro stress tests in collaboration with international banks to pinpoint strategic interdependencies on critical markers. Keeping the financial system liquid is of primary importance after the turn down of asset prices. JEL classification : E44, F3, G15

There are no comments yet on this publication. Be the first to share your thoughts.

Statistics

Seen <100 times
0 Comments

More articles like this

Le risque systémique dans la finance libéralisée

on Revue d économie financière Jan 01, 2003

Le poids des créances douteuses dans l’économie ch...

on Revue d économie financière Jan 01, 2004
More articles like this..