Search Results
Showing results 1 to 3 of approximately 3.
(refine search)
Journal Article
Regulating Wall Street: the Dodd–Frank Act
In this article, I review some of the main findings described in Regulating Wall Street: The Dodd?Frank Act and the New Architecture of Global Finance, which I co-edited.1 As such, this article is based on the work of 40 or so faculty members and PhD students at New York University?s Stern School of Business (NYU Stern); I especially draw on the work in the volume of my co-editors, Viral V. Acharya, Thomas Cooley, and Ingo Walter. Moreover, in this article, where appropriate, I also mention and describe some of the updates to the implementation of the Dodd?Frank Wall Street Reform and ...
Conference Paper
Regulating Wall Street
Working Paper
Measuring systemic risk
We present a simple model of systemic risk and show how each financial institution?s contribution to systemic risk can be measured and priced. An institution?s contribution, denoted systemic expected shortfall (SES), is its propensity to be undercapitalized when the system as a whole is undercapitalized, which increases in its leverage, volatility, correlation, and tail-dependence. Institutions internalize their externality if they are ?taxed? based on their SES. Through several examples, we demonstrate empirically the ability of components of SES to predict emerging systemic risk during the ...