TY  - JOUR
AU  - Carey, Mark
AU  - Stulz, Rene M
TI  - The Risks of Financial Institutions
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11442
PY  - 2005
Y2  - June 2005
DO  - 10.3386/w11442
UR  - http://www.nber.org/papers/w11442
L1  - http://www.nber.org/papers/w11442.pdf
N1  - Author contact info:
Mark Carey
1819 N Underwood St.
Arlinton, VA 22205
E-Mail: mark.carey@garp.com

René M. Stulz
The Ohio State University
Fisher College of Business
806A Fisher Hall
Columbus, OH 43210-1144
Tel: 614/292-1970
Fax: 614/292-2359
E-Mail: stulz@cob.osu.edu
M1  - published as Mark Carey, Rene M. Stulz. "Introduction to "The Risks of Financial Institutions"," in Mark Carey and René M. Stulz, editors, "The Risks of Financial Institutions" University of Chicago Press (2006)

AB  - Over the last twenty years, the consensus view of systemic risk in the financial system that emerged in response to the banking crises of the 1930s and before has lost much of its relevance.  This view held that the main systemic problem is runs on solvent banks leading to bank panics.  But financial crises of the last two decades have not fit the mold.  A new consensus has yet to emerge, but financial institutions and regulators have considerably broadened their assessment of the risks facing financial institutions. The dramatic rise of modern risk management has changed how the risks of financial institutions are measured and how these institutions are managed. However, modern risk management is not without weaknesses that will have to be addressed.
ER  -