Systemic Risk: An Overview With Applications To Transitional Economies

AbstractThe following sections are included:IntroductionSystemic EventsExternalities and “Systemic Events”Contagion as a Criterion for Defining Systemic RiskMonetary Contractions as the Source of Systemic EventsA Broader Definition of Systemic EventsSignificance of Systemic RiskDiffering Views on the Significance of Systemic RiskSome Reservations About the “New View” of Systemic RiskChanges in Systemic Risk Over TimeFactors Affecting the Seriousness of Systemic RiskConnectivityPortfolio concentrationHomogeneityInformationPolicies for Addressing Systemic RiskLender of Last ResortDeposit InsuranceSupervision and RegulationPrompt Corrective ActionDisclosureMacroeconomic Stabilization PoliciesDifferences in Financial CrisesConcluding RemarksReferences

[1]  Sudipto Bhattacharya,et al.  Distinguishing Panics and Information-based Bank Runs: Welfare and Policy Implications , 1988, Journal of Political Economy.

[2]  Frederic S. Mishkin,et al.  Asymmetric Information and Financial Crises: a Historical Perspective , 1990 .

[3]  Minsky,et al.  A Theory of Systemic Fragility , 1977 .

[4]  M. A. Goldberg,et al.  Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets , 1988 .

[5]  David Nickerson.  Governance and efficiency in emerging financial markets , 1995 .

[6]  Peter M. Garber,et al.  Payment system reform in formerly centrally planned economics , 1993 .

[7]  Paul R. Milgrom,et al.  Bid, ask and transaction prices in a specialist market with heterogeneously informed traders , 1985 .

[8]  Sheila Dow,et al.  Debt, Financial Fragility, and Systemic Risk , 1995 .

[9]  G. Benston,et al.  Is the banking and payments system fragile , 1995 .

[10]  F. Knight.  The economic nature of the firm: From Risk, Uncertainty, and Profit , 2009 .

[11]  G. Kaufman.  Bank Runs: Causes, Benefits, and Costs , 1988 .

[12]  Andrew S. Carron,et al.  Financial Crises: Recent Experience in U.S. and International Markets , 1982 .

[13]  G. Benston.  Perspectives on safe & sound banking : past, present, and future , 1986 .

[14]  Timothy H. Hannan,et al.  Bank Insolvency Risk and the Market for Large Certificates of Deposit , 1988 .

[15]  Anna J. Schwartz,et al.  Real and Pseudo-Financial Crises , 1987 .

[16]  G. Benston,et al.  Bank Examiners' Evaluation of Credit: An Analysis of the Usefulness of Substandard Loan Data , 1974 .

[17]  G. Benston,et al.  Risk and solvency regulation of depository institutions: past policies and current options , 1988 .

[18]  J. Stiglitz.  The Role of the State in Financial Markets , 1993 .

[19]  C. Kindleberger.  MANIAS, PANICS, AND CRASHES , 1996 .

[20]  M. Friedman,et al.  A Monetary History of the United States , 1963 .

[21]  James R. Barth,et al.  The great savings and loan debacle , 1991 .

[22]  Charles W. Calomiris,et al.  Is the Discount Window Necessary? A Penn-Central Perspective , 1993 .

[23]  Philip H. Dybvig,et al.  Bank Runs, Deposit Insurance, and Liquidity , 1983, Journal of Political Economy.

[24]  Fischer Black.  Hedging, Speculation, and Systemic Risk , 1995 .