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Leverhulme Lecture: The Global Financial Crisis and Systemic Risk

Steven L. Schwarcz

Duke University School of Law

November 9, 2010

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.

Number of Pages in PDF File: 19

Keywords: financial markets, regulation, systemic risk

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Date posted: November 14, 2010  

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

Contact Information

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)

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