This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been … adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and … pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic …

in their business cycles relative to those of advanced economies. Information on the domestic price of risk, cost of …

correlations with developed countries' equity markets significantly reduces the unconditional portfolio risk of a world investor …

macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important … increases in economic uncertainty are strongly associated with a widening of credit spreads, an indication of a tightening in … financial conditions and economic uncertainty and to trace out the impact of these two types of shocks on the economy. The …

usual stabilizing function because of the zero lower bound. We calibrate our uncertainty shock process using fluctuations in …Can increased uncertainty about the future cause a contraction in output and its components? An identified uncertainty … shock in the data causes significant declines in output, consumption, investment, and hours worked. Standard general …

, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system …

markets that had no connection to housing. We find that changes in the "LIB-OIS" spread, a proxy for counterparty risk, was … uncertainty about bank solvency and lower values for repo collateral. Concerns about the liquidity of markets for the bonds used …