Securities and Exchange Commission
NBER Working Papers and Publications
|August 2011||Systemic Risk and Financial Innovation: Toward a "Unified" Approach|
in Quantifying Systemic Risk, Joseph G. Haubrich and Andrew W. Lo, editors
This chapter, which presents the keynote address during the National Bureau of Economic Research conference held in Cambridge, Massachusetts, on November 6, 2009, revolves around the following question: What is the proper approach for understanding the critical relationship between systemic risk and modern financial innovation? It explores a "unified" approach, one that comprehends the underlying innovation process and an eclecticism as to academic and local knowledge.