NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Regulating Systemic Risk through Transparency: Tradeoffs in Making Data Public

Augustin Landier, David Thesmar


This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.

Chapter in forthcoming NBER book Risk Topography: Systemic Risk and Macro Modeling, Markus K. Brunnermeier and Arvind Krishnamurthy, editors
Conference held April 28, 2011
Forthcoming from University of Chicago Press

Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag and granularity of such open data can be chosen to maximize welfare, depending on the relative magnitude of economic frictions. We lay out a simple framework to choose optimal transparency of financial data and, in doing so, address the following questions: At what frequency should data be collected and made available? How long should the regulator wait before releasing data? And, at what level of detail should information be released?

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This chapter first appeared as NBER working paper w17664, Regulating Systemic Risk through Transparency: Tradeoffs in Making Data Public, Augustin Landier, David Thesmar
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