NYU Stern
Share / Print
Faculty News

An op-ed by Nobel Laureate & Prof. Robert Engle & Profs Viral Acharya & Matthew Richardson

voxeu logo feature

Excerpt from VoxEU -- "Systemic risk should not be described in terms of a financial firm’s failure per se but in the context of a firm’s overall contribution to system-wide failure. The intuition is straightforward. When only an individual financial firm’s capital is low, the firm can no longer financially intermediate."

Read more

Additional coverage appeared in The Wall Street Journal blog.