A network model of super-systemic crises

Are financial systems shock absorbers or shock amplifiers? Policymakers and academics have long remained divided over this fundamental question. On the one hand some contend that financial innovation and integration make the financial world a safer place (Greenspan 1999) others argue the opposite by...

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Autores principales:	Gai, Prasanna, Kapadia, Sujit
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CRISIS FINANCIERA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3876
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spelling	oai-20.500.12580-38762021-04-24T11:15:18Z A network model of super-systemic crises Gai, Prasanna Kapadia, Sujit CRISIS FINANCIERA Are financial systems shock absorbers or shock amplifiers? Policymakers and academics have long remained divided over this fundamental question. On the one hand some contend that financial innovation and integration make the financial world a safer place (Greenspan 1999) others argue the opposite by appealing to the same driving forces (Rajan 2005). The rapid financial innovation of the past several years has acted as both good and bad cholesterol— serving to lower the probability of crisis but fattening the tail of the distribution of losses for the financial system as a whole (Gieve 2006 Gai and Haldane 2007). Although advanced country financial systems have withstood numerous shocks in recent years (the collapse of Amaranth the events surrounding General Motors 9/11 and the Dotcom crash to name a few) the events triggered by the subprime crisis of August 2007 have been 'super-systemic' in scope enveloping financial institutions across the major economies as well as faraway Iceland and New Zealand. 2019-11-01T00:05:00Z 2019-11-01T00:05:00Z 2010 Artículo 978-956-7421-34-3 https://hdl.handle.net/20.500.12580/3876 eng Series on Central Banking Analysis and Economic Policies no. 15 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 411-432 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CRISIS FINANCIERA
spellingShingle	CRISIS FINANCIERA Gai, Prasanna Kapadia, Sujit A network model of super-systemic crises
description	Are financial systems shock absorbers or shock amplifiers? Policymakers and academics have long remained divided over this fundamental question. On the one hand some contend that financial innovation and integration make the financial world a safer place (Greenspan 1999) others argue the opposite by appealing to the same driving forces (Rajan 2005). The rapid financial innovation of the past several years has acted as both good and bad cholesterol— serving to lower the probability of crisis but fattening the tail of the distribution of losses for the financial system as a whole (Gieve 2006 Gai and Haldane 2007). Although advanced country financial systems have withstood numerous shocks in recent years (the collapse of Amaranth the events surrounding General Motors 9/11 and the Dotcom crash to name a few) the events triggered by the subprime crisis of August 2007 have been 'super-systemic' in scope enveloping financial institutions across the major economies as well as faraway Iceland and New Zealand.
format	Artículo
author	Gai, Prasanna Kapadia, Sujit
author_facet	Gai, Prasanna Kapadia, Sujit
author_sort	Gai, Prasanna
title	A network model of super-systemic crises
title_short	A network model of super-systemic crises
title_full	A network model of super-systemic crises
title_fullStr	A network model of super-systemic crises
title_full_unstemmed	A network model of super-systemic crises
title_sort	network model of super-systemic crises
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3876
work_keys_str_mv	AT gaiprasanna anetworkmodelofsupersystemiccrises AT kapadiasujit anetworkmodelofsupersystemiccrises AT gaiprasanna networkmodelofsupersystemiccrises AT kapadiasujit networkmodelofsupersystemiccrises
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A network model of super-systemic crises

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