What Is Systemic Risk, and Do Bank Regulators Retard or Contribute to It?
By George G. Kaufman
Kenneth E. Scott

This article appeared in the Winter 2003 issue of The Independent Review


Clusterings of bank failures occur frequently, but do they reflect systemic risk? Without a theoretically coherent and empirically grounded conception of systemic risk, bank regulators run the risk of exacerbating it, as the banking history of the past century has demonstrated.

Other Independent Review articles by George G. Kaufman
    Summer 1997   Preventing Banking Crises in the Future: Lessons from Past Mistakes

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