Faculty News

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

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."

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Additional coverage appeared in The Wall Street Journal blog.