Systemic Risk Lab

Systemic Risk

The subject of the Systemic Risk Lab is the cross-area examination of causes and effects of systemic risks as well as of measures for their limitation. Recent developments on the financial markets suggest that fundamental assumptions of our traditional financial markets theory are incomplete if not grossly flawed. It is obviously problematic to equate information-efficient markets with welfare optimizing markets, especially in the markets where banks borrow capital.

A special feature of financial markets compared to goods markets is the strong intertwining of claims within the banking sector. This is why the architecture of financial markets has not only become considerably more complex during the last 15 years, but also more susceptible to extreme events.

In this new, complex and heavily intertwined world, systemic risks are becoming a lasting threat to financial markets, to economic prosperity and, in the end, also to political stability. In acute crisis situations, political decision makers are forced to immediately find answers and, at the same time, comply with the conditions of a sustainable stabilization of the system – a task that is in a lot of cases unsolvable.

Against this background and by taking advantage of all disciplines gathered in SAFE, the Systemic Risk Lab investigates its subject systematically with innovative methods in order to advance existing knowledge and to develop specific regulatory recommendations.


Publications

Published Title Author/s Research Area Keywords Published
2016

Banking Beyond Banks and Money. A Guide to Banking Services in the Twenty-First Century

Tomaso Aste, Loriana Pelizzon, Nicolas Perony, Paolo Tasca Springer Financial Institutions, Systemic Risk Lab 2016
2016

Freedom of Contract and Financial Stability

Brigitte Haar European Business Organization Law Review Systemic Risk Lab, Corporate Finance 2016
2015

European Financial Regulation – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration

Brigitte Haar Oxford University Press Financial Institutions, Systemic Risk Lab Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism 2015
2014

Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach

Zeno Adams, Roland Füss, Reint Gropp Journal of Financial and Quantitative Analysis Systemic Risk Lab, Financial Institutions Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds 2014
2014

Partial Information about Contagion Risk, Self-Exciting Processes and Portfolio Optimization

Nicole Branger, Holger Kraft, Christoph Meinerding Journal of Economic Dynamics and Control Systemic Risk Lab, Financial Markets, Transparency Lab Asset Allocation, Contagion, Nonlinear Filtering, Hidden State, Self-exciting Processes 2014
2014

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen Journal of Financial Stability Systemic Risk Lab, Macro Finance systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network 2014
2014

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Journal of Econometrics Systemic Risk Lab, Financial Markets, Macro Finance CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response 2014
2015

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni Quantitative Finance Systemic Risk Lab, Macro Finance banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets 2015
2015

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth Journal of Money, Credit and Banking Macro Finance, Systemic Risk Lab Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust 2015
2015

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons Weichenrieder, Jochen Zimmer International Tax and Public Finance Macro Finance, Systemic Risk Lab trust, debt sustainability, fiscal reaction function, euro area, EU 2015
2016

The Dynamics of Crises and the Equity Premium

Nicole Branger, Holger Kraft, Christoph Meinerding Review of Financial Studies Systemic Risk Lab, Financial Markets General Equilibrium, Asset Pricing, Recursive Preferences, Long-Run Risk, Disaster Models 2016
2016

Sovereign Credit Risk, Liquidity, and ECB Intervention: Deus Ex Machina?

Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno Journal of Financial Economics Systemic Risk Lab, Financial Markets Liquidity, Credit Risk, Euro-zone Government Bonds, Financial Crisis, MTS Bond Market 2016

Working Papers

Title Author/s No. Research Area Year Keywords Published

Endogenous Banks’ Networks, Cascades and Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen 12 Systemic Risk Lab, Macro Finance 2013 network formation, tâtonnement, contagion 201301

The Dynamics of Crises and the Equity Premium

Nicole Branger, Holger Kraft, Christoph Meinerding 11 Systemic Risk Lab, Financial Markets 2013 General Equilibrium, Asset Pricing, Recursive Preferences, Long-Run Risk, Disaster Models 201301

Interbank network and bank bailouts: Insurance mechanism for non-insured creditors?

Tim Eisert, Christian Eufinger 10 Systemic Risk Lab, Corporate Finance 2013 bailout, cycle flows, cyclical liabilities, interbank network, leverage 201301

Bank and Sovereign Debt Risk Connection

Ester Faia, Diego Rodriguez Palenzuel, Matthieu Darracq Paries 7 Systemic Risk Lab, Macro Finance 2013 liquidity risk, sovereign risk, capital regulations 201301

Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach

Zeno Adams, Roland Füss, Reint Gropp 20 Systemic Risk Lab, Financial Institutions 2013 Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds 201301

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons Weichenrieder, Jochen Zimmer 22 Macro Finance, Systemic Risk Lab 2013 trust, debt sustainability, fiscal reaction function, euro area, EU 201301

Systemic Risk in the Financial Sector: What Can We Learn from Option Markets?

Holger Kraft, Alexander Schmidt 25 Systemic Risk Lab, Financial Institutions 2013 Systemic risk, Value-at-risk, Equity options, Implied volatility 201301

Partial Information about Contagion Risk, Self-Exciting Processes and Portfolio Optimization

Nicole Branger, Holger Kraft, Christoph Meinerding 28 Transparency Lab, Systemic Risk Lab, Financial Markets 2013 Asset Allocation, Contagion, Nonlinear Filtering, Hidden State, Self-exciting Processes 201301

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni 29 Systemic Risk Lab, Macro Finance 2013 banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets 201301

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth 31 Macro Finance, Systemic Risk Lab 2013 Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust 201301

Systemic Risk and Sovereign Debt in the Euro Area

Deyan Radev 37 Systemic Risk Lab, Financial Institutions 2013 Sovereign debt, Sovereign default, Financial distress, Systemic risk, Contagion, Banking stability, Tail risk 201301

Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen 46 Systemic Risk Lab, Macro Finance 2014 Network formation, contagion, central banks' interventions 201401

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen 48 Systemic Risk Lab, Macro Finance 2014 systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network 201401

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon 51 Systemic Risk Lab, Financial Markets, Macro Finance 2014 CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response 201401

Financial Regulation in the EU – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration

Brigitte Haar 57 Systemic Risk Lab, Financial Institutions 2014 Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism 201401

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort Under an Incomplete Contract

Patrick Behr, Alejandro H. Drexler, Reint Gropp, Andre Guettler 62 Systemic Risk Lab, Financial Institutions 2014 Loan officer, incentives, monitoring, screening, loan origination 201401

Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change

Christoph Hambel, Holger Kraft, Eduardo S. Schwartz 92 Systemic Risk Lab, Macro Finance 2015 Climate change economics, Carbon abatement, GDP growth 201501

Sovereign Credit Risk, Liquidity, and ECB Intervention: Deus Ex Machina?

Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno 95 Systemic Risk Lab, Financial Markets 2015 Liquidity, Credit Risk, Euro-zone Government Bonds, Financial Crisis, MTS Bond Market 201501

Measuring Sovereign Contagion in Europe

Massimiliano Caporin, Loriana Pelizzon, Francesco Ravazzolo, Roberto Rigobon 103 Systemic Risk Lab, Financial Markets 2015 Sovereign Risk, Contagion, Disintegration 201501

Insurance Activities and Systemic Risk

Elia Berdin, Matteo Sottocornola 121 Systemic Risk Lab, Financial Institutions 2015 Systemic Risk, Insurance Activities, Systemically Important Financial Institutions 201501

Spoilt for Choice: Order Routing Decisions in Fragmented Equity Markets

Peter Gomber, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide 143 Financial Markets, Systemic Risk Lab 2016 Dark Trading, Fragmentation, Anonymity, Immediacy 201601

Systemic Co-Jumps

Massimiliano Caporin, Aleksey Kolokolov, Roberto Renò 149 Financial Markets, Systemic Risk Lab 2016 Jumps, Return predictability, Systemic events, Variance Risk Premium 201601

How Has Sovereign Bond Market Liquidity Changed? - An Illiquidity Spillover Analysis

Fabrizio Lillo, Loriana Pelizzon, Michael Schneider 151 Financial Markets, Systemic Risk Lab 2016 Liquidity, jump detection, Hawkes processes, government bonds, MTS bond market, Quantitative Easing. 201601

The Impact of Network Connectivity on Factor Exposures, Asset Pricing and Portfolio Diversification

Monica Billio, Massimiliano Caporin, Roberto Panzica, Loriana Pelizzon 166 Financial Markets, Systemic Risk Lab 2017 CAPM, volatility, network, interconnections, systematic risk 201702

Natural Disaster and Bank Stability: Evidence from the U.S. Financial System

Felix Noth, Ulrich Schüwer 167 Financial Institutions, Systemic Risk Lab 2017 natural disasters, bank stability, non-performing assets, bank performance 201702

Systemic risk for financial institutions of major petroleum-based economies: The role of oil

Massimiliano Caporin, Michele Costola, Shawkat Hammoudeh, Ahmed A. A. Khalifa 172 Financial Markets, Financial Institutions, Systemic Risk Lab 2017 Systemic Risk, Risk Measurement, VaR, ?CoVaR, Oil, Financial Institutions, Petroleum-based Economies 201706

Policy Papers

Year Title Author/s Research Area Keywords Year
September 2016

“Predatory” Margins and the Regulation and Supervision of Central Counterparty Clearing Houses (CCPs)

Jan Pieter Krahnen, Loriana Pelizzon Financial Markets central counterparties, CCP, derivatives, financial market regulation, financial market supervision 2016-09
November 2016

Structural Reforms in Banking: The Role of Trading

Jan Pieter Krahnen, Felix Noth, Ulrich Schüwer Financial Institutions, Financial Markets proprietary trading, banking separation proposals, bank risk 2016-11
September 2015

Euro Area Macro-Financial Stability: A Flow-of-Funds Perspective

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Institutions, Macro Finance Bank and non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation 2015-09
April 2014

How Important Are Hedge Funds in a Crisis?

Reint Gropp Financial Institutions systemic risk analysis, statistical risk measurement, spillover effects 2014-04
February 2012

Recommendations by the Issing Commission – Memo for the G-20 November 2011 summit in Cannes

Otmar Issing, Jan Pieter Krahnen, Klaus Regling, William White Financial Institutions shadow banking, systemic risk analysis, regulatory arbitrage 2012-02
June 2010

Criteria for a workable approach towards bank levies and bank restructuring

Otmar Issing, Jan Pieter Krahnen Financial Institutions systemic risk, bank resolution 2010-06
February 2010

Rescue Strategy without moral hazard – an attempt to provide a master plan for avoiding banking crises

Jan Pieter Krahnen, Helmut Siekmann Financial Institutions systemic risk, banking hospital 2010-02
May 2012

Systemic Risks and Central Banks

Hermann Remsperger Macro Finance macroprudential regulation, monetary policy, Financial Stability Act 2012-05
April 2012

"The Economic Rationale for Financial Regulation” Reconsidered

Richard Herring, Reinhard H. Schmidt Financial Institutions regulation, supervision, systemic risk 2012-04
November 2009

Defining and Measuring Systemic Risk

Stefan Gerlach Financial Institutions systemic risk, statistical risk measurement 2009-11

Research Projects

Category Project Researcher Project Duration Keywords Project ID Publication Count
Systemic Risk Lab

Contingent Convertible and Subordinated Bonds Issuance

Martin Götz, Xu Liu, Loriana Pelizzon 2017 Financial stability; Corporate finance; Contingent capital; Subordinated debt, Basel III, Bail-in 21003 0
Systemic Risk Lab

Dealer and MM network in the CDS and cash sovereign bond market

Roberto Panzica, Loriana Pelizzon, Tuomas Peltonen 2017 Bond Market, Market Maker, Liquidity Provision, Network Resilience, over-the-counter financial market, liquidity, market quality, network analysis 21003 0
Systemic Risk Lab

Commonality and liquidity spillover in European sovereign bonds: An analysis of cash, futures, repo and CDS contracts

Mario Bellia, Loriana Pelizzon, Tuomas Peltonen, Marti Subrahmanyam 2017 Price discovery, liquidity, commonality, European sovereign bond market, CDS market, Future market 21003 0
Systemic Risk Lab, Financial Institutions

The Impact of Quantitative Easing on Stock and CDS Prices of European Insurance Companies

Mario Bellia, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2017 22582 0
Systemic Risk Lab

European early warning system for systemic risk – EARLINESS.eu

Michele Costola, Loriana Pelizzon 2016 Early warning system, systemic risk measures, financial stability, macro-financial linkages, network, sparsity, dynamic quantiles 22581 1
Systemic Risk Lab

The Demand for Central Clearing – To Clear or Not to Clear?

Mario Bellia, Giulio Girardi, Loriana Pelizzon 2016 Central Clearing, Credit Default Swap 22520 0
Systemic Risk Lab

Impacts of the Quantitative Easing on the European Insurance Industry

Kerstin Bernoth, Monica Billio, Petr Jakubik, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2016 Quantitative Easing, Insurance Company, SIFI 22521 0
Financial Markets, Systemic Risk Lab

Network representations of interconnections and contagion

Loriana Pelizzon, Tatiana von Landesberger 2016 21610 1
Financial Markets, Systemic Risk Lab

Network Connectivity, Systemic and Systematic Risk

Monica Billio, Massimiliano Caporin, Roberto Panzica, Loriana Pelizzon 2016 21610 1
Financial Institutions, Systemic Risk Lab

Network banks exposures and variance spillovers in the euro area

Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon 2016 21610 1
Financial Markets, Systemic Risk Lab

An examination of the strategic behavior of high-frequency traders (HFTs)

Loriana Pelizzon, Ryan Riordan, Satchit Sagade, Marti Subrahmanyam, Jun Uno, Christian Westheide 2016 21620 1
Financial Markets, Systemic Risk Lab

Network Connectivity and General Equilibrium Asset Prices

Nicole Branger, Patrick Konermann, Christoph Meinerding, Christian Schlag 2016 Asset pricing, general equilibrium, recursive preferences, dynamic networks, mutually exciting processes, directed shocks 21610 1
Financial Institutions, Systemic Risk Lab

A Genealogy of Systemic Risk Network Measures adopted by Regulators

Loriana Pelizzon, Sviataslau Sivagrakau, Matthias Thiemann 2016 21610 1
Financial Institutions, Systemic Risk Lab

Consequences of Changes in the Banking Structure due to Complex Financial Regulation for Financial Stability and Systemic Risk

Brigitte Haar, Rainer Haselmann, Katharina Pistor, Vikrant Vig, Christine Zulehner 2016 bank regulation, competition law, too big to fail, financial stability 21600 1
Financial Markets, Systemic Risk Lab

Strategic behavior of High Frequency Traders during the market pre-opening period

Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Jun Uno, Darya Yuferova 2014 High Frequency Traders, Order Submission, Order Cancellation, Pre-Opening, Price Discovery, Liquidity Provision 12150 1
Macro Finance, Systemic Risk Lab

Sovereign, bank and insurance credit spread: connectedness and system networks

Monica Billio, Lorenzo Frattarolo, Mila Getmansky Sherman, Dale F. Gray, Andrew Lo, Robert Merton, Loriana Pelizzon, Michael Schmidt 2014 12124 0
Financial Institutions, Systemic Risk Lab

Interconnectedness of insurance companies

Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley 2014 Regulation, Systemic risk, portfolio exposures, networks, Insurance companies 12127 0
Financial Markets, Systemic Risk Lab

Limits to arbitrage in sovereign bonds: price and liquidity discovery in high frequency quote driven markets

Mario Bellia, Loriana Pelizzon, Max Riedel, Marti Subrahmanyam, Davide Tomio, Jun Uno 2014 Sovereign bonds, Liquidity, futures markets, ECB interventions, futures-bond basis, arbitrage 12126 1
Macro Finance, Systemic Risk Lab

Risk Cascades in Banking Networks and the Measurement of Systemic Risk

Iñaki Aldasoro, Ester Faia, Anne-Caroline Hüser 2014 liquidity hoarding, contagion channels, global games 11591 1
Data Center, Systemic Risk Lab, Policy Center

Systemic Financial Risk Platform (SFRP) – A Platform for Presenting and Implementing Research on Systemic Risk

Martin Götz, Christian Hirsch, Dominik Hirschbühl 2014 Systemic risk, risk measurement, risk modelling, contagion 22522 1
Financial Markets, Transparency Lab, Systemic Risk Lab

Asset Prices in General Equilibrium with Recursive Utility and Illiquidity Induced by Transactions Costs

Adrian Buss, Raman Uppal, Grigory Vilkov 2014 11422 1
Corporate Finance, Systemic Risk Lab

GLawFin – Private Contracts and Systemic Risk

Luca Amorello, Pedro Magalhães Batista, Biljana Biljanovska, Jacob Bonavita, Brigitte Haar, Katharina Pistor, Max Weber 2014 Financial Markets, Financial Institutions, Financial Stability, Financial Contracts, Corporate Finance, Corporate Governance, Financial Institutions, Financial Services, Law and Economics, Systemic Risk 12125 1
Financial Institutions, Systemic Risk Lab

The Internal Organization of Banks and the Transmission of Lending Shocks across Borders

Reint Gropp, Deyan Radev, Michael Schröder 2013 banking, contagion, liquidity shocks, solvency shocks, internal bank organization 11121 0
Financial Markets, Transparency Lab, Systemic Risk Lab

Determinants of OTC Trading Volume

Peter Gomber, Ilya Gvozdevskiy, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide 2013 OTC Trading, Dark Pools, MiFID 11424 1
Financial Institutions, Systemic Risk Lab

Basel III and Solvency II - Risks and Side-Effects from their Interplay

Helmut Gründl 2013 11126 1
Financial Markets, Transparency Lab, Systemic Risk Lab

Asset Pricing with Recursive Utility and Heterogenous Investors

Nicole Branger, Christian Schlag, Ivan Shaliastovich 2013 recursive utility, heterogenous investors, differences in beliefs 11421 1
Financial Markets, Transparency Lab, Systemic Risk Lab

General Equilibrium with Contagion Effects

Nicole Branger, Patrick Grüning, Holger Kraft, Christoph Meinerding, Christian Schlag 2013 General Equilibrium, Contagion Risk, Partial Information, Filtering, Recursive Utility, Asset Pricing, Jump Processes 11423 1
Financial Institutions, Systemic Risk Lab

Consequences of Adverse Shocks on Bank Behavior

Claudia Lambert, Felix Noth, Ulrich Schüwer 2013 natural disasters, non-performing assets, bank failures 11123 1
Financial Institutions, Systemic Risk Lab

On the Determinants of Interbank Networks

Marcel Bluhm, Co-Pierre Georg, Jan Pieter Krahnen 2013 Network formation, Financial Fragility, Panel Data Regressions 11127 0
Corporate Finance, Transparency Lab, Systemic Risk Lab

Corporate Governance in Banks

Tim Eisert, Christian Eufinger, Andrej Gill, Christian Hirsch, Uwe Walz 2013 Corporate Governance, Financial Institutions, Management Compensation, Moral Hazard, Ownership Structure, Risk Shifting 11221 1
Corporate Finance, Systemic Risk Lab

Leverage in Private Equity: A Potential Source of Systemic Risk?

Christian Rauch, Uwe Walz 2013 Competition, Peers, LBOs, Product Market, Restructuring 11222 1
Financial Institutions, Systemic Risk Lab

A New Approach to Measuring Systemic Risk: Option-implied Tail Risk Dependencies in the Financial Sector

Holger Kraft, 2012 Systemic risk, Value-at-risk, Equity options, Implied volatility 11122 1
Financial Institutions, Systemic Risk Lab

CDS Markets: Liquidity, Default Risk, and Correlation Risk

Christel Merlin Kuate Kamga, Christian Wilde 2012 CDS, default risk, liquidity premia, financial crisis 11124 0

Events - Systemic Risk Lab

Date Title Category
06.04.2017 4th International Conference on Sovereign Bond Markets
SAFE Research Lab Systemic Risk
06.10.2016 15th International Conference: CREDIT
SAFE Research Lab Systemic Risk
08.09.2016 2nd International Workshop: P2P FINANCIAL SYSTEMS 2016
SAFE Research Lab Systemic Risk
15.06.2016 Workshop on Sovereign Bonds and Quantitative Easing
SAFE Research Lab Systemic Risk
15.04.2016 3rd International Conference on Sovereign Bond Markets
SAFE Research Lab Systemic Risk
11.12.2015 SAFE Conference on Finance between Liquidity and Insolvency
SAFE Research Lab Systemic Risk
17.11.2015 Research Workshop: Law and Liquidity
SAFE Research Lab Systemic Risk / SAFE Research Area Corporate Finance
01.10.2015 14th International Conference on Credit Risk Evaluation Designed for Institutional Targeting in finance (CREDIT)
SAFE Research Lab Systemic Risk
10.03.2015 Second International Conference on Sovereign Bond Markets
SAFE Research Lab Systemic Risk
29.01.2015 International Workshop: P2P Financial Systems 2015
SAFE Research Lab Systemic Risk
25.09.2014 13th International Conference: CREDIT 2014
SAFE Research Lab Systemic Risk / SAFE Research Area Financial Institutions
02.07.2014 Workshop on Systemic Risk Policy Issues for SYRTO
SAFE Research Lab Systemic Risk
01.07.2014 Ph.D. Course on Sovereign Risk: Marcello Pericoli
SAFE Research Lab Systemic Risk
04.06.2014 First International Conference on Sovereign Bond Markets
SAFE Research Lab Systemic Risk
08.05.2014 SAFE-ICIR Workshop on Banking and Insurance Systemic Risk and Regulation
SAFE Research Lab Systemic Risk / SAFE Research Area Financial Institutions
21.10.2013 Deutsche Bundesbank/SAFE Conference on Supervising Banks in Complex Financial Systems
SAFE Research Lab Systemic Risk / SAFE Research Area Macro Finance