risk. Current reporting standards for derivatives exposures are nevertheless inadequate for assessing these systemic risk … contributions. In this paper, I explain how a transparency standard, in contrast to the current standard, would facilitate such risk … lack of standardization, they cannot be aggregated to assess the risk to the system. I highlight the important contribution …

superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … likelihood of a bankruptcy cascade, "contagion," and systemic risk …

International consumption risk sharing studies have largely ignored their models' counterfactual implications for asset … returns although these returns incorporate direct market measures of risk. In this paper, we modify a canonical risk … variance of equity returns and the risk-free rate requires persistent consumption risk, leading to three main findings: (1 …

This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty …

any risk averse investor holding the market and cash, net of transaction costs and bid ask spreads. The results are …

well calibrated. Finally we assess the role of risk, finding little evidence that risk-aversion drives a wedge between …

Over the course of the nineteenth century, the struggles of Paris Bourse to manage counterparty risk revealed the … regime that limited risk, trading began to migrate off the exchange to less regulated markets …