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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Recent events
CRISIS Advisory Board Meeting 15 October 2014 The Project CRISIS team presented a selection of its results to senior figures from central banking, regulation, academia, and the financial services industry at a meeting of its Advisory Board. The meeting was hosted by the Bank of England and the group had in-depth discussions on topics ranging from the dynamics of the leverage cycle, to methods for better understanding and identifying financial instabilities, new measures of systemic risk, and a wide range of policy issues including macro-prudential policy, the Basel regime, bank resolution schemes, and ideas for reducing systemic risk. Please see the following link for the agenda, attendees, and presentations.
Bank of England, London
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.