Download or read book New Directions for Understanding Systemic Risk written by National Research Council and published by National Academies Press. This book was released on 2008-01-17 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stability of the financial system and the potential for systemic events to alter its function have long been critical issues for central bankers and researchers. Recent events suggest that older models of systemic shocks might no longer capture all of the possible paths of such disturbances or account for the increasing complexity of the financial system. To help assess these concerns, the Federal Reserve Bank of New York and the NRC cosponsored a conference that brought together engineers, scientists, economists, and financial market experts to promote better understanding of systemic risk in a variety of fields. The book presents an examination of tools used in ecology and engineering to study systemic collapse in those areas; a review of current trends in economic research on systemic risk, the payments system, and the market of interbank funds; and for context, descriptions of how systemic risk in the financial system affects trading activities.
Download or read book The Butterfly Defect written by Ian Goldin and published by Princeton University Press. This book was released on 2015-10-20 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to better manage systemic risks—from cyber attacks and pandemics to financial crises and climate change—in a globalized world The Butterfly Defect addresses the widening gap between the new systemic risks generated by globalization and their effective management. It shows how the dynamics of turbo-charged globalization has the potential and power to destabilize our societies. Drawing on the latest insights from a wide variety of disciplines, Ian Goldin and Mike Mariathasan provide practical guidance for how governments, businesses, and individuals can better manage globalization and risk. Goldin and Mariathasan demonstrate that systemic risk issues are now endemic everywhere—in supply chains, pandemics, infrastructure, ecology and climate change, economics, and politics. Unless we address these concerns, they will lead to greater protectionism, xenophobia, nationalism, and, inevitably, deglobalization, rising inequality, conflict, and slower growth. The Butterfly Defect shows that mitigating uncertainty and risk in an interconnected world is an essential task for our future.
Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Download or read book Some New Directions for Financial Stability written by Charles Albert Eric Goodhart and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stability of the Financial System written by Andreas R. Dombret and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔFinancial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.Õ Ð Axel Weber, Chair of Supervisory Board, UBS ÔSince 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.Õ Ð Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US ÔThere was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) Ð the challenge is to create an effective, efficient yet stable and sustainable financial system for this Ònew worldÓ. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.Õ Ð Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG ÔFinancial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.Õ Ð Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank ÔThe financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.Õ Ð William C. Dudley, President of the Federal Reserve Bank of New York, US In the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability. The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability. The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other. Making an important contribution to deepening our understanding of the many facets of financial stability, this book will prove a challenging read for policy makers, regulators and central bankers as well as for researchers and scholars in the fields of economics, money, finance and banking.
Download or read book The Doom Loop in the Financial Sector written by William Leiss and published by University of Ottawa Press. This book was released on 2011-02-01 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past two years, the world has experienced how unsound economic practices can disrupt global economic and social order. Today’s volatile global financial situation highlights the importance of managing risk and the consequences of poor decision making. The Doom Loop in the Financial Sector reveals an underlying paradox of risk management: the better we become at assessing risks, the more we feel comfortable taking them. Using the current financial crisis as a case study, renowned risk expert William Leiss engages with the new concept of “black hole risk” — risk so great that estimating the potential downsides is impossible. His risk-centred analysis of the lead-up to the crisis reveals the practices that brought it about and how it became common practice to use limited risk assessments as a justification to gamble huge sums of money on unsound economic policies. In order to limit future catastrophes, Leiss recommends international cooperation to manage black hole risks. He believes that, failing this, humanity could be susceptible to a dangerous nexus of global disasters that would threaten human civilization as we know it.
Download or read book Law Policy and Climate Change written by Dariel De Sousa and published by Taylor & Francis. This book was released on 2022-09-29 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on systemic risks caused by climate change, this book examines how these risks can be effectively regulated to ensure resilience and avoid catastrophe. Systemic risks are risks that threaten the systems upon which society depends, including ecosystems, social systems, financial systems, and systems of infrastructure. Such risks are typically characterised by inherent complexity, profound uncertainty, and overwhelming ambiguity. In combination, these features pose significant regulatory challenges for policy and law-makers. Examining how different types of systemic risks caused by climate change are being regulated in four different jurisdictions – the EU, the UK, the US and Australia – this book identifies deficiencies associated with regulating systemic risks using a traditional approach, based on a linear relationship between risk and regulation, which is widely used to regulate risk. The book advances a regulatory approach that is, instead, founded on the concept of "risk governance". This involves a structured yet flexible, holistic, interdisciplinary and inclusive basis for responding to systemic risks; and it is, this book argues, a more effective basis for regulating systemic risks given their uncertainty, complexity and ambiguity. This book will appeal to academics, policy and law-makers and practitioners working at the intersection of law and policy in the areas of regulation, risk management and climate change.
Download or read book Wiley Handbook of Science and Technology for Homeland Security 4 Volume Set written by John G. Voeller and published by John Wiley & Sons. This book was released on 2010-04-12 with total page 2950 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wiley Handbook of Science and Technology for Homeland Security is an essential and timely collection of resources designed to support the effective communication of homeland security research across all disciplines and institutional boundaries. Truly a unique work this 4 volume set focuses on the science behind safety, security, and recovery from both man-made and natural disasters has a broad scope and international focus. The Handbook: Educates researchers in the critical needs of the homeland security and intelligence communities and the potential contributions of their own disciplines Emphasizes the role of fundamental science in creating novel technological solutions Details the international dimensions of homeland security and counterterrorism research Provides guidance on technology diffusion from the laboratory to the field Supports cross-disciplinary dialogue in this field between operational, R&D and consumer communities
Download or read book Mathematics of Planet Earth written by Hans Kaper and published by SIAM. This book was released on 2015-03-31 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our planet faces many challenges. In 2013, an international partnership of more than 140 scientific societies, research institutes, and organizations focused its attention on these challenges. This project was called Mathematics of Planet Earth and featured English- and French-language blogs, accessible to nonmathematicians, as part of its outreach activities. This book is based on more than 100 of the 270 English-language blog posts and focuses on four major themes: A Planet to Discover; A Planet Supporting Life; A Planet Organized by Humans; and A Planet at Risk. Readers will learn about the challenges that confront the Earth today, and how mathematics and mathematicians contribute to a better understanding of some of these challenges. ?
Download or read book Reducing Risks for Mental Disorders written by Institute of Medicine and published by National Academies Press. This book was released on 1994-01-01 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: The understanding of how to reduce risk factors for mental disorders has expanded remarkably as a result of recent scientific advances. This study, mandated by Congress, reviews those advances in the context of current research and provides a targeted definition of prevention and a conceptual framework that emphasizes risk reduction. Highlighting opportunities for and barriers to interventions, the book draws on successful models for the prevention of cardiovascular disease, injuries, and smoking. In addition, it reviews the risk factors associated with Alzheimer's disease, schizophrenia, alcohol abuse and dependence, depressive disorders, and conduct disorders and evaluates current illustrative prevention programs. The models and examination provide a framework for the design, application, and evaluation of interventions intended to prevent mental disorders and the transfer of knowledge about prevention from research to clinical practice. The book presents a focused research agenda, with recommendations on how to develop effective intervention programs, create a cadre of prevention researchers, and improve coordination among federal agencies.
Download or read book Global Challenges Governance and Complexity written by Victor Galaz and published by Edward Elgar Publishing. This book was released on 2019-12-27 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an increased interest in integrating insights from the complexity sciences to studies of governance and policy. While the issue has been debated, and the term of ‘complexity’ has multiple and sometimes contested interpretations, it is also clear the field has spurred a number of interesting theoretical and empirical efforts. The book includes key thinkers in the field, elaborates on different analytical approaches in studying governance, institutions and policy in the face of complexity, and showcases empirical applications and insights.
Download or read book Regulating Credit Rating Agencies written by Aline Darbellay, and published by Edward Elgar Publishing. This book was released on 2013-09-30 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul
Download or read book Critical Infrastructure Protection III written by Charles Palmer and published by Springer. This book was released on 2009-10-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The information infrastructure – comprising computers, embedded devices, networks and software systems – is vital to operations in every sector: inf- mation technology, telecommunications, energy, banking and ?nance, tra- portation systems, chemicals, agriculture and food, defense industrial base, public health and health care, national monuments and icons, drinking water and water treatment systems, commercial facilities, dams, emergency services, commercial nuclear reactors, materials and waste, postal and shipping, and government facilities. Global business and industry, governments, indeed - ciety itself, cannot function if major components of the critical information infrastructure are degraded, disabled or destroyed. This book, Critical Infrastructure Protection III, is the third volume in the annualseriesproducedbyIFIP WorkingGroup11.10onCriticalInfrastructure Protection, an active international community of scientists, engineers, prac- tioners and policy makers dedicated to advancing research, development and implementation e?orts related to critical infrastructure protection. The book presents original research results and innovative applications in the area of infrastructure protection. Also, it highlights the importance of weaving s- ence, technology and policy in crafting sophisticated, yet practical, solutions that will help secure information, computer and network assets in the various critical infrastructure sectors. This volume contains seventeen edited papers from the Third Annual IFIP Working Group 11.10 International Conference on Critical Infrastructure P- tection, held at Dartmouth College, Hanover, New Hampshire, March 23–25, 2009. The papers were refereed by members of IFIP Working Group 11.10 and other internationally-recognized experts in critical infrastructure protection.
Download or read book Rethinking Risk in National Security written by Michael J. Mazarr and published by Springer. This book was released on 2016-05-18 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the role of risk management in the recent financial crisis and applies lessons from there to the national security realm. It rethinks the way risk contributes to strategy, with insights relevant to practitioners and scholars in national security as well as business. Over the past few years, the concept of risk has become one of the most commonly discussed issues in national security planning. And yet the experiences of the 2007-2008 financial crisis demonstrated critical limitations in institutional efforts to control risk. The most elaborate and complex risk procedures could not cure skewed incentives, cognitive biases, groupthink, and a dozen other human factors that led companies to take excessive risk. By embracing risk management, the national security enterprise may be turning to a discipline just as it has been discredited.
Download or read book New Directions in Child Abuse and Neglect Research written by National Research Council and published by National Academies Press. This book was released on 2014-03-25 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each year, child protective services receive reports of child abuse and neglect involving six million children, and many more go unreported. The long-term human and fiscal consequences of child abuse and neglect are not relegated to the victims themselves -- they also impact their families, future relationships, and society. In 1993, the National Research Council (NRC) issued the report, Under-standing Child Abuse and Neglect, which provided an overview of the research on child abuse and neglect. New Directions in Child Abuse and Neglect Research updates the 1993 report and provides new recommendations to respond to this public health challenge. According to this report, while there has been great progress in child abuse and neglect research, a coordinated, national research infrastructure with high-level federal support needs to be established and implemented immediately. New Directions in Child Abuse and Neglect Research recommends an actionable framework to guide and support future child abuse and neglect research. This report calls for a comprehensive, multidisciplinary approach to child abuse and neglect research that examines factors related to both children and adults across physical, mental, and behavioral health domains--including those in child welfare, economic support, criminal justice, education, and health care systems--and assesses the needs of a variety of subpopulations. It should also clarify the causal pathways related to child abuse and neglect and, more importantly, assess efforts to interrupt these pathways. New Directions in Child Abuse and Neglect Research identifies four areas to look to in developing a coordinated research enterprise: a national strategic plan, a national surveillance system, a new generation of researchers, and changes in the federal and state programmatic and policy response.
Download or read book Handbook of Ripple Effects in the Supply Chain written by Dmitry Ivanov and published by Springer. This book was released on 2019-04-17 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an introduction to the ripple effect in the supply chain for a broad audience comprising recent developments. The chapters of this handbook are written by leading experts in supply chain risk management and resilience. For the first time, the chapters present in their synergy a multiple-faceted view of the ripple effect in supply chains, while considering organization, optimization, and informatics perspectives. Ripple effect describes the impact of a disruption propagation on supply chain performance, structural designs and operational parameters. The ripple effect manifests when the impact of a disruption cannot be localized and cascades along the supply chain. The resulting structural dynamics can lead to capacity and demand fulfilment downscaling and negatively influence the firm’s financial and operational performance. The book delineates major features of the ripple effect and methodologies to mitigate the adverse impact of supply chain disruption propagation and to recover in case of severe disruptions. The book provides fresh insights for supply chain management and engineering regarding the following questions: - In what circumstance does one failure cause other failures? - Which structures of the supply chain are especially susceptible to the ripple effect? - What are the typical ripple effect scenarios and what are the most efficient ways to respond them? Distinctive Features: • It considers ripple effect in the supply chain from an multi-disciplinary perspective• It offers an introduction to ripple effect mitigation and recovery policies in the framework of disruption risk management in supply chains for a broad audience• It integrates management and engineering perspectives on disruption risk management in the supply chain• It presents innovative optimization and simulation models for real-life management problems• It considers examples from both industrial and service supply chains• It reveals decision-making recommendations for tackling disruption risks in the supply chain in proactive and reactive domains.
Download or read book The Regulation of Hedge Funds written by Ana Maria Fagetan and published by Springer Nature. This book was released on 2020-12-28 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses elements of international finance, comparing the regulation of hedge funds in United States, Europe, the UK, and off-shore jurisdictions in the aftermath of the financial crisis. It critically compares the Dodd- Frank Act in US with the Alternative Investment Funds Managers Directive in Europe. Moreover, it goes further by analyzing the implementation of the AIFM Directive in seven jurisdictions in Europe famous for the incorporation of hedge funds: the United Kingdom, Italy, France, Ireland, Malta, Luxembourg, and Switzerland. The book also analyses the effect of Brexit on the legislation in the UK regarding the application of the directive and the distribution of financial products in Continental Europe, and will be of particular interest to researchers, academics, and students of international finance and financial regulation.
