international macroeconomic risk sharing than is possible today. Retail institutions are described that might develop around such … markets and help the public with their risk management. However, the establishment of such markets would also incur the risk …

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 …

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

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 …

regulatory initiatives, including proposed new capital requirements, are under consideration as a means of reducing systemic risk …. This paper examines the concept of systemic risk -- that failure of one firm will lead to the failure of a large number of … and integrated and the effects of OTC derivatives on these risks discussed. The key conclusion is that systemic risk has …

contracts involving counterparty risk and that they facilitate speculation involving negative views of a firm's financial …

heterogeneous attitudes towards crash risk. The less crash-averse insure the more crash-averse through the options markets that … literature: the tendency of stock index options to overpredict volatility and jump risk, the Jackwerth (2000) implicit pricing …

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 …