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Systemic Risk in Financial Systems
Management Science, 2001We consider default by firms that are part of a single clearing mechanism. The obligations of all firms within the system are determined simultaneously in a fashion consistent with the priority of debt claims and the limited liability of equity. We first show, via a fixed-point argument, that there always exists a “clearing payment vector” that clears
Larry Eisenberg, Thomas H. Noe
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The homogenization of the financial system and financial crises
Journal of Financial Intermediation, 2008Financial institutions, especially large banks, have reached beyond their traditional activities in recent years and have become more homogeneous as a result. Even though this brings about diversification gains, we show that their stability may fall as consequence since institutions' incentives for taking on risk and supplying liquidity deteriorate ...
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Bankss Financial Reporting and Financial System Stability
SSRN Electronic Journal, 2015ABSTRACTThe use of accounting measures and disclosures in banks’ contracts and regulation suggests that the quality of banks’ financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks’ development of debt and risk overhangs in economic good times and in mitigating the adverse consequences of those ...
Viral V. Acharya, Stephen G. Ryan
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SSRN Electronic Journal, 2022
Abstract Financial systems and the governance of global finance are key topics in International Political Economy (IPE) given the massive size of the financial sector worldwide, the mobility of finance, the cross-border nature of many financial services, the devastation caused by financial crises, and the link between finance and the ...
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Abstract Financial systems and the governance of global finance are key topics in International Political Economy (IPE) given the massive size of the financial sector worldwide, the mobility of finance, the cross-border nature of many financial services, the devastation caused by financial crises, and the link between finance and the ...
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Parallelising a financial system
Future Generation Computer Systems, 1993Abstract This paper reports on the parallelising of a financial system that calculates actuarial liabilities. The purpose of such a system is to evaluate the liabilities of a pension scheme by calculating the expected cost of each member to the system in the future.
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Financial Analysis and Expert Systems
Journal of Information Technology, 1993Financial analysis expert systems have been developed but there is little evidence to suggest that such expert systems are as widely used in the financial analyst community as other information technology products. The research findings presented here suggest that one explanation for this non-use of expert systems may be that users do not have a need ...
Anthony Birts +2 more
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Financial fragility, systemic risk and financial systems
2019One of the significant catalysts for the 2007 Global Financial Crisis (̧ ð̧ £̧ œ) events has been systemic risk within financial institutions. Subsequently, systemic risk measurement and management have turned into a more extensively researched area.
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Financial Innovations and The Incidence of Risk in the Financial System
1996The paper argues that risk exposure of the financial system is mainly due to a lack of risk matching of assets and liabilities in traditional banking rather than the development of new financial markets and instruments. Increased competition between financial institutions has reduced the ability of banks to withstand undiversifiable risks from interest
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On Manipulability in Financial Systems
SSRN Electronic Journal, 2021Sudhölter, Peter +2 more
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