TY - JOUR AU - Cerutti, Eugenio AU - Claessens, Stijn AU - McGuire, Patrick TI - Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed? JF - National Bureau of Economic Research Working Paper Series VL - No. 18531 PY - 2012 Y2 - November 2012 DO - 10.3386/w18531 UR - http://www.nber.org/papers/w18531 L1 - http://www.nber.org/papers/w18531.pdf N1 - Author contact info: Eugenio M. Cerutti International Monetary Fund 700 19th Street, NW HQ1 4-292 Washington, DC 20431 Tel: 202 623 6811 E-Mail: Ecerutti@imf.org Stijn Claessens Head of Financial Stability Policy Monetary and Economic Department Bank for International Settlements Centralbahnplatz 2 4051 Basel, Switzerland Tel: +41 61 280 8715 E-Mail: Stijn.Claessens@bis.org Patrick McGuire Bank for International Settlements Basel, Switzerland 4051 E-Mail: patrick.mcguire@bis.org M1 - published as Eugenio Cerutti, Stijn Claessens, Patrick McGuire. "Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?," in Markus Brunnermeier and Arvind Krishnamurthy, editors, "Risk Topography: Systemic Risk and Macro Modeling" University of Chicago Press (2014) M3 - presented at "Systemic Risk and Macro Modeling", April 28, 2011 AB - The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or asset class can have a sizable impact on the stability of institutions and markets around the world. But systemic risk analysis is severely hampered by the lack of consistent data that capture the international dimensions of finance. While currently available data can be used more effectively, supervisors and other agencies need more and better data to construct even rudimentary measures of risks in the international financial system. Similarly, market participants need better information on aggregate positions and linkages to appropriately monitor and price risks. Ongoing initiatives that will help in closing data gaps include the G20 Data Gaps Initiative, which recommends the collection of consistent bank-level data for joint analyses and enhancements to existing sets of aggregate statistics, and the enhancement to the BIS international banking statistics. ER -