By Jon Danielsson
International monetary structures is an leading edge, interdisciplinary textual content that explores the ‘why’ at the back of international monetary balance. Danielsson attracts on fiscal concept, finance, mathematical modelling, hazard thought, and coverage to posit a coherent and present research of the worldwide economy.
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Extra info for Global Financial Systems: Stability and Risk
Sample text
From the point of view of systemic risk, this suggests that broker–dealer type institutions have a tendency to continually increasing leverage. The owners of these institutions might be rewarded by higher profits when things go well, but at the expense of increased systemic risk. 3 Information asymmetry Banks rely on the confidence of their depositors and counterparties to operate. Depositors trust the bank to guard their money and counterparties need to be reassured that the bank will honour its obligations.
Mimeo, Yale University. Reinhart, C. M. and Rogoff, K. (2009). This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. Schumpeter, J. (1942). Capitalism, Socialism and Democracy. Harper, New York. 18 2 The Great Depression, 1929–1933 The Great Depression, 1929–1933, was the largest worldwide economic catastrophe the world has ever seen. A Wall Street crash in 1929 was followed by the collapse of financial institutions and an implosion of activity on financial markets, soon spilling over to Main Street.
1986). The World in Depression, 1929–1939, 2nd edition. University of California Press. 38 3 Endogenous risk The term endogenous describes an outcome or process having an internal cause or origin. In the context of financial markets, endogenous risk refers to the view that risk is created by the interplay between market participants, rather than the chance that a shock might arrive to the financial markets from the outside — exogenous risk. The classification of risk into endogenous and exogenous risk was first proposed by Danielsson and Shin (2003).