Download this Paper Open PDF in Browser

Leverhulme Lecture: The Global Financial Crisis and Systemic Risk

19 Pages Posted: 14 Nov 2010  

Steven L. Schwarcz

Duke University School of Law

Date Written: November 9, 2010

Abstract

This lecture examines the causes of the global financial crisis, showing it was triggered by market failures, not by financial institution failures, and arguing that any regulatory framework for managing systemic risk must address markets as well as institutions. The lecture also analyzes how regulation should be designed under that broader framework to mitigate systemic risk and its consequences. Finally, the lecture examines the potential systemic effects of sovereign debt crises, demonstrating how regulation can mitigate those effects.

Keywords: financial markets, regulation, systemic risk

Suggested Citation

Schwarcz, Steven L., Leverhulme Lecture: The Global Financial Crisis and Systemic Risk (November 9, 2010). Available at SSRN: https://ssrn.com/abstract=1707051 or http://dx.doi.org/10.2139/ssrn.1707051

Steven L. Schwarcz (Contact Author)

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States
919-613-7060 (Phone)
919-613-7231 (Fax)

Paper statistics

Downloads
312
Rank
80,626
Abstract Views
1,576