TY  - JOUR
AU  - Landier, Augustin
AU  - Thesmar, David
TI  - Regulating Systemic Risk through Transparency: Tradeoffs in Making Data Public
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17664
PY  - 2011
Y2  - December 2011
DO  - 10.3386/w17664
UR  - http://www.nber.org/papers/w17664
L1  - http://www.nber.org/papers/w17664.pdf
N1  - Author contact info:
Augustin Landier
HEC Paris
1 rue de la libération
78351 Jouy en Josas Cedex
France
E-Mail: augustin.landier@tse-fr.eu

David Thesmar
MIT Sloan School of Management
100 Main Street, E62-632
Cambridge, MA 02142
Tel: 617/225-9767
E-Mail: thesmar@mit.edu
M1  - published as Augustin Landier, David Thesmar. "Regulating Systemic Risk through Transparency: Trade-Offs in Making Data Public," in Markus Brunnermeier and Arvind Krishnamurthy, editors, "Risk Topography: Systemic Risk and Macro Modeling" University of Chicago Press (2014)

M3  - presented at "Systemic Risk and Macro Modeling", April 28, 2011
AB  - Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag and granularity of such open data can be chosen to maximize welfare, depending on the relative magnitude of economic frictions. We lay out a simple framework to choose optimal transparency of financial data.
ER  -