, this paper argues that macro-prudential regulation is necessary to address the systemic risk inherent to ratings. The paper … and increased illiquidity. The paper suggests the use of "ratings maps" and stress-tests to assess the systemic risk of … ratings, and increased capital or liquidity buffers to manage such risk. …

The increasing ability to trade credit risk in financial markets has facilitated its dispersion across the financial … and other sectors. However, specific risks attached to credit risk transfer (CRT) instruments in a market with still …

consequences for cost of capital, funding patterns, interconnectedness, and risk migration. …

The paper discusses the limits to market-based risk transfer in the financial system and the implications for the … as part of governments' role as a risk manager. …

The G-20 Data Gaps Initiative has called for the IMF to develop standard measures of tail risk, which we identify in … this paper with systemic risk. To understand the conditions under which tail risk is present, it is first necessary to … performance of eleven near-term systemic risk indicators as ‘early’ warning of distress among top financial institutions in the …

The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it … framework that helps mitigate the risk from systemic linkages with a view towards enhancing the resilience of the financial … sector. This paper presents a forward-looking framework ("Systemic CCA") to measure systemic solvency risk based on market …

-income countries, appear to face higher risk than their peers in more diversified economies and makes suggestions for policy options …