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Keynote Address: A Regulatory Framework for Managing Systemic Risk

27 Pages Posted: 18 Oct 2011 Last revised: 28 Dec 2014

Steven L. Schwarcz

Duke University School of Law

Date Written: October 24, 2011

Abstract

This accessible analysis of systemic risk regulation was delivered as the keynote speech at an October 20, 2011 European Central Bank conference on regulation of financial services. Many regulatory responses, like the Dodd-Frank Act in the United States, consist largely of politically motivated reactions to the financial crisis, looking for villains (whether or not they exist). To be most effective, however, the regulation must be situated within a more analytical framework. In this speech, I attempt to build that framework, showing that preventive regulation is insufficient and that regulation also must be designed to limit the transmission of systemic risk and reduce systemic consequences.

Suggested Citation

Schwarcz, Steven L., Keynote Address: A Regulatory Framework for Managing Systemic Risk (October 24, 2011). Available at SSRN: https://ssrn.com/abstract=1945742 or http://dx.doi.org/10.2139/ssrn.1945742

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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