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Risk-Sharing and the Creation of Systemic Risk
Acharya, Viral V. - 2020
We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier … liquid assets. When risk-sharing is primitive, agents selfhedge and hold more liquid assets; this buffers aggregate risks …, resulting in few correlated failures compared to when there is greater risk sharing. We apply this insight to build a model of a …
Persistent link: https://www.econbiz.de/10012822763
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Climate stress testing
Acharya, Viral V.; Berner, Richard B.; Engle, Robert F.; … - In: Annual review of financial economics 15 (2023), pp. 291-326
Persistent link: https://www.econbiz.de/10014426292
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Lending implications of U.S. bank stress tests : costs or benefits?
Acharya, Viral V.; Berger, Allen N.; Roman, Raluca A. - In: Journal of financial intermediation 34 (2018), pp. 58-90
Persistent link: https://www.econbiz.de/10012114243
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Fire sales, foreign entry and bank liquidity
Acharya, Viral V.; Shin, Hyun Song; Yorulmazer, Tanju - 2007
Persistent link: https://www.econbiz.de/10003473652
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Crisis resolution and bank liquidity
Acharya, Viral V.; Shin, Hyun Song; Yorulmazer, Tanju - 2009
"What is the effect of fiancial crises and their resolution on banks' choice of liquid asset holdings? When risky assets have limited pledgeability and banks have relative expertise in employing risky assets, the market for these assets clears only at fire-sale prices following a large number of...
Persistent link: https://www.econbiz.de/10003913450
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How securitization concentrated risk in the financial sector
Acharya, Viral V.; Richardson, Matthew - In: What caused the financial crisis, (pp. 183-199). 2011
Persistent link: https://www.econbiz.de/10008902465
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Caught between Scylla and Charybdis? : regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan V. - 2010
. Anticipation of this generates an equilibrium featuring systemic risk in which all banks choose inefficiently high leverage to fund …
Persistent link: https://www.econbiz.de/10008826858
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Fire sales, foreign entry and bank liquidity
Acharya, Viral V. (contributor); Shin, Hyun Song (contributor) - 2007
Persistent link: https://www.econbiz.de/10003563984
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Caught between Scylla and Charybdis? : regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan V. - 2010 - Rev.
risk in which all banks choose inefficiently high leverage to fund correlated assets and market discipline is compromised … ; systemic risk ; bailout ; forbearance ; moral hazard ; capital requirements …
Persistent link: https://www.econbiz.de/10008657183
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A theory of systemic risk and design of prudential bank regulation
Acharya, Viral V. - 2009
Persistent link: https://www.econbiz.de/10003813948