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Title: What can academics contribute to the study of financial stability?
Author: Goodhart, Charles A. E.
Keywords: Financial stability
Risk assessment
Academic research
Financial crises
Bank regulation
Central banks
Issue Date: 2005
Publisher: Economic & Social Research Institute
Citation: Goodhart, Charles A. E. 'What can academics contribute to the study of financial stability?'. - Economic & Social Review, Vol. 36, No. 3, Winter, 2005, pp. 189-203, Dublin: Economic & Social Research Institute
Abstract: There were hardly any banking crises between 1939 and 1971, so their later reemergence came as a surprise. Central bank supervisors responded practically by discovering and encouraging the adoption of current best practice in risk management by individual banks, without much theoretical input, whereas economists have mostly focused on models which abstract from default. But default is central to analysis of financial stability. Shubik pioneered introducing default into formal models, and we aim to develop this further. Meanwhile, estimating the probability of default (PD) for individual, or groups of, banks is central to the Basel II process.
Description: This paper was delivered as the Central Bank of Ireland Edgeworth Lecture at the Nineteenth Annual Conference of the Irish Economic Association at Kilkenny, May 7, 2005
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 36, No. 3, Winter, 2005

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