competition and systemic risk. Whereas much of the extant literature has focused on the relationship between competition and the … absolute level of risk of individual banks, in this paper we examine the correlation in the risk taking behavior of banks. We … shocks. Examining the impact of the institutional and regulatory environment on bank systemic risk shows that banking systems …

Using a unique and comprehensive dataset, this paper develops and uses three distinct methods to quantify the risk of a … estimates suggest that systemic risk is limited even during major financial crises. For example, maximum likelihood estimation … probability of systemic failure. Third, we also obtain estimates of systemic risk implied by equity option prices of U.S. and …