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What is CRISIS?

CRISIS is the Complexity Research Initiative for Systemic Instabilities. It is a consortium of universities, private firms and policymakers that aims to build a new model of the economy and financial system that is based on how people and institutions actually behave.

It was set up in the wake of the global financial crisis that showed that existing models that had been adequate for the good times were utterly inadequate for predicting major crises.

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Why CRISIS is needed

The global financial crisis destroyed the faith that both policymakers and the general public had in the traditional economic models and thinking that had failed to foresee the disaster.

The CRISIS project aims to fill that gap by developing a new approach to economic modelling and understanding risks and instabilities in the global economy and financial system.

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CRISIS Final Workshop
A Complexity view of Crisis

7-9 October 2014
Università Cattolica del Sacro Cuore
Largo Gemelli 1, Milan

We invite researchers interested in agent-based modeling at any level of their career to attend the final workshop of the CRISIS project. 

The CRISIS project has created a comprehensive agent based model of the economy in which households, firms, banks and other financial intermediaries interact in the markets for labour, goods, credit and financial assets.  Within this framework, the CRISIS consortium has performed research on financial stability, macro-prudential and monetary policy.

The first day will be devoted to a tutorial on the software library. The rest of the Workshop will focus on the research and its results as well as on discussions about the future.

See the attached agenda.

For more information please contact Eleni Papageorgiou

Latest research

Transparency key to credit regulation

Attempts to regulate the degree of leverage used by financial investors that ignore how leverage works risk doing more harm than good, according to research carried out by scholars in the CRISIS network.

Since systemic risk in times of high leverage is driven by the behaviour of different agents, regulation should focus on increasing transparency so that all creditors and borrowers could see the risks they were taking on.

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