Systemic Risk
The Dynamics of Modern Financial Systems
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Product details:
- Publisher OUP Oxford
- Date of Publication 15 February 2018
- ISBN 9780198820413
- Binding Paperback
- No. of pages152 pages
- Size 235x156x9 mm
- Weight 244 g
- Language English
- Illustrations 35 Figures, 7 Tables 0
Categories
Short description:
This book applies some of the lessons from network disciplines - such as ecology, epidemiology, and engineering - to study and measure how small probability events can lead to contagion and banking crises on a global scale.
MoreLong description:
Systemic Risk opens new ground in the study of financial crises. It treats the financial system as a complex adaptive system and shows how lessons from network disciplines - such as ecology, epidemiology, and statistical mechanics - shed light on our understanding of financial stability. Using tools from network theory and economics, it suggests that financial systems are robust-yet-fragile, with knife-edge properties that are greatly exacerbated by the hoarding of funds and the fire sale of assets by banks. This book studies the damaging network consequences of the failure of large inter-connected institutions, explains how key funding markets can seize up across the entire financial system, and shows how the pursuit of secured finance by banks in the wake of the global financial crisis can generate systemic risks. The insights are then used to model banking systems calibrated to data to illustrate how financial sector regulators are beginning to quantify financial system stress.
Gai provides a fresh look at these increasingly important fields... Ultimately, Gai successfully argues that a proper assessment of systemic risk and contagion requires an understanding of network dynamics.
Table of Contents:
Foreword
Preface
Introduction
The Robust-Yet-Fragile Nature of Financial Systems
Systemic Liquidity Crises
Dynamic Credit Relationships
Covered Bonds and Systemic Risk
Quantifying Systemic Risk
Financial System Resilience
Conclusion
