Until about twenty years ago, the consensus view on the cause of
financial-system distress was fairly simple: a run on one bank
could easily turn to a panic involving runs on all banks,
destroying some and disrupting the financial system. Since then,
however, a series of events--such as emerging-market debt crises,
bond-market meltdowns, and the Long-Term Capital Management
episode--has forced a rethinking of the risks facing financial
institutions and the tools available to measure and manage these
risks."The Risks of Financial Institutions" examines the various
risks affecting financial institutions and explores a variety of
methods to help institutions and regulators more accurately measure
and forecast risk. While new financial instruments, new
participants, and new technologies typically have improved the
informational efficiency of markets and have facilitated the
matching of savings with investment opportunities, they have also
changed the speed with which new information is incorporated in
prices, often giving institutions little time to adjust before they
see their financial soundness imperiled by new balance sheet
weaknesses or by liquidity problems. The contributors--from
academic institutions, regulatory organizations, and banking--bring
a wide range of perspectives and experience to the issue. The
result is a volume that points a way forward to greater financial
stability and better risk management of financial institutions.
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