Contagion! Systemic Risk in Financial Networks
Contagion! Systemic Risk in Financial Networks
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发表时间：
2016
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通讯作者：
T. Hurd
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作者：
T. Hurd
试图定义系统性风险进行了总结，发现在各个方面的不足。在本章的导言中，我们在考察了过去金融危机的一些显著特征之后，重点讨论了银行的主要特征、银行的资产负债表及其监管方式。破产！米考伯先生是大卫科波菲尔负债累累的导师，他亲身体会到盈余和赤字、幸福和债务人监狱之间的区别。在狄更斯虚构的世界里，甚至在维多利亚时代英格兰的真实的世界里，一个小商人的未偿债务从未被忽视，但总是导致他和他所爱的人陷入救济院的极度痛苦。另一方面，贵族和上层阶级受到更微妙的待遇，通常会得到舒适的逃避。对于个人、公司，尤其是银行来说，现代的破产更加复杂，但它仍然保留着一些奥登时代的味道。当一家银行倒闭时，似乎往往是那些对银行倒闭及其造成的附带损害负有责任的富有金融家们带着完好无损的奖金和补偿金离开了废墟。当一个特别令人震惊的案件出现，需要一个替罪羊，然后一个中层银行家被确定谁采取的灾难子弹。一个愤世嫉俗的人可能会说，尽管巴塞尔I、II、III.银行高管们仍然可以自由地为自己的公司承担过度的风险，从任何上涨中获得丰厚的一部分，同时使自己免受任何可能造成的灾难的影响。当我们在每一次大规模金融危机中重新认识到，当银行倒闭时，整个社会都会付出最终的代价。1 Charles狄更斯，大卫·科波菲尔，第12章，第185页（1950）。首次出版于1849-1850年。
Attempts to define systemic risk are summarized and found to be deficient in various respects. In this introductory chapter, after considering some of the salient features of financial crises in the past, we focus on the key characteristics of banks, their balance sheets and how they are regulated. Bankruptcy! Mr. Micawber, David Copperfield’s debt-ridden sometime mentor, knew first hand the difference between surplus and deficit, between happiness and the debtors’ prison. In Dickens’ fictional universe, and perhaps even in the real world of Victorian England, a small businessman’s unpaid debts were never overlooked but always lead him and his loved ones to the unmitigated misery of the poorhouse. On the other hand, the aristocrats and upper classes, were treated more delicately, and usually given a comfortable escape. For people, firms, and in particular banks, bankruptcy in modern times is more complicated yet it still retains some of the flavour of the olden days. When a bank fails, it often seems that the rich financiers responsible for its collapse and the collateral damage it inflicts walk away from the wreckage with intact bonuses and compensation packages. When a particularly egregious case arises and a scapegoat is needed, then a middle rank banker is identified who takes the bullet for the disaster. A cynic might say that despite the dictates of Basel I, II, III, ...•, bank executives remain free to take excessive risks with their company, receiving a rich fraction of any upside while insulating themselves from any possible disaster they might cause. As we learn afresh during every large scale financial crisis, society at large pays the ultimate costs when banks fail. Spiking unemployment leads to the poverty of 1 Charles Dickens, David Copperfield, Chapter 12, p. 185 (1950). First published 1849–1850.