Interconnectedness and Systemic Risk

Since the Global Financial Crisis, the Associate Researchers of IGF have published quite a nuumber of influencial research works on gloal systemic risk. The IGF has published some of the major research studies  as part of a special issue of the Journal of Banking and Finance. The Co-Editors of this work are Luci Ellis, Head of Financial Stability at the Reserve Bank of Australia, Claudio Borio, Head of Research of the BIS and Bruce Arnold, Acting Head of Research at APRA. The contributors to this publication included researchers from the following financial institutions: the Bank for International Settlements, the Reserve Bank of Australia, the Bank of Italy, the Royal Bank of Scotland, the International Monetary Fund and the De Nederlandsche Bank. There have been further studies and research work in this area, in colloboration with NYU Institute of Valatility and Risk as well as some eminents scholars. The recent banking crisis for mid-size banks in the US including the collapse of Silican Valley Bank have led to some major media interviews of the IGF senior researchers as well as a major book that was published by the NYU Stern Business School, as listed below. 

2023 Selected Research Work

Viral Acharya, M. Richardson, K., Schoenhaltz and B. Tuckman, (2023) SVB and Beyond: The Banking Stress of 2023.

Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023), Blockchain and its Applications: A Conceptual Legal Primer, Journal of International Economic Law. 

Buckley, R. P., & Trzecinski, M. (2023). Central Bank Digital Currencies and the global financial system: The dollar dethroned?. Capital Markets Law Journal, 18(2), 137-171. doi:10.1093/cmlj/kmad007 

Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023). Blockchain and its Applications: A Conceptual Legal Primer. Journal of International Economic Law, 26(2), 363-383. doi:10.1093/jiel/jgad010 

Woxholth, J., Zetzsche, D. A., Buckley, R. P., & Arner, D. W. (2023). Competing claims to crypto-assets. Uniform Law Review, 28(2), 226-246.  

2022 Selected Research Work

Buckley, R. P., Jevglevskaja, N., & Farrell, S. (2022), Australia's Data-Sharing Regime: Six Lessons  for Europe, King's Law Journal, 33(1), pp. 61-91. 

 Didenko, A. N., & Buckley, R. P. (2022), Central bank digital currencies as a potential response to some particularly Pacific problems, Asia Pacific Law Review, 30(1), pp. 44-69. 

Jevglevskaja, N., & Buckley, R. P. (2022), The Consumer Data Right: How to Realise This World-Leading Reform, University of New South Wales Law Journal, 45(4), pp. 1589-1622. 

2021 Selected Research Work

Gao, J., & Jang, Y. (2021), What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps, Review of Finance, 25(2), pp. 519-559.  

Liu, H., Tang, Q., & Yuan, Z. (2021), Indifference pricing of insurance-linked securities in a multi- period model, European Journal of Operational Research, 289(2), pp. 793-805.  

Lo, A., Tang, Q., & Tang, Z. (2021), Universally Marketable Insurance under Multivariate Mixtures, ASTIN Bulletin, 51(1), pp. 221-243.  

Zetzsche, D. A., Annunziata, F., Arner, D. W., & Buckley, R. P. (2021), The Markets in Crypto- Assets regulation (MiCA) and the EU digital finance strategy, Capital Markets Law Journal, 16(2), pp. 203-225.  

Zetzsche, D. A., Buckley, R. P., & Arner, D. W. (2021), Regulating Libra, Oxford Journal of Legal Studies, 41(1), pp. 80-113.  

2020 Selected Research Work

Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020), Sustainability, FinTech and Financial Inclusion, European Business Organization Law Review, 21(1), pp. 7-35.  

Arner, D. W., Zetzsche, D. A., Buckley, R., & Weber, R. H. (2020), The Future of Data-Driven Finance and RegTech: Lessons from EU Big Bang II, Stanford Journal of Law, Business and Finance, 25(2), pp. 245-288.  

Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Didenko, A. (2020), After Libra, Digital Yuan and COVID-19: Central Bank Digital Currencies and the New World of Money and Payment Systems, SSRN Electronic Journal.  

Buckley, R. P., Arner, D. W., Zetzsche, D. A., & Gibson, E. C. (2020), Building Australia's Fintech Ecosystem: Innovation Hubs for a Competitive Advantage, Journal of Banking and Finance Law and Practice, 31(2), pp. 133-140.  

Buckley, R. P., Arner, D. W., Zetzsche, D. A., & Selga, E. K. (2020), Techrisk, Singapore Journal of Legal Studies, 2020(1), pp. 35-62.  

Buckley, R., Arner, D., Veidt, R., & Zetzsche, D. (2020), Building FinTech Ecosystems: Regulatory Sandboxes, Innovation Hubs and Beyond, Washington University Journal of Law & Policy, 61, pp. 55-98.  

Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020), Decentralized finance, Journal of Financial Regulation, 6(2), pp. 172-203.  

Zetzsche, D. A., Birdthistle, W. A., Arner, D. W., & Buckley, R. P. (2020), Digital Finance Platforms: Toward a New Regulatory Paradigm.  

Zetzsche, D., Arner, D., Buckley, R., & Weber, R. H. (2020), The Evolution and Future of Data- Driven Finance in the E.U., Common Market Law Review, 57, pp. 331-360.  

Guarantees, transparency and the interdependency between sovereign and bank default risk (2014)
Anand, K. (Bank of Canada), Heinemann, F. (Technische Universität Berlin) and P. König (DIW Berlin), Journal of Banking and Finance, 45 C, 321-337
Mapping the UK interbank system (2014)
Langfield, S. (European Systemic Risk Board), Liu, Z. (Bank of England) and T. Ota (Bank of England), Journal of Banking and Finance, forthcoming
Risky adjustments or adjustments to risks: Decomposing bank leverage (2014)
Koch, C. (University of Zurich), Journal of Banking and Finance, 45, 242–254
Predicting distress in European banks (2014)
Betz, F. (European Investment Bank), Oprica, S. (Goethe Universitat Frankfurt), Peltonen, T. (European Centreal Bank), and P. Sarlin (Abo Akademi University), Journal of Banking and Finance, 45, 225–241
Determinants of financial stress in emerging market economies (2014)
Mercado, R. (Asian Development Bank) and C. Park (Asian Development Bank), Journal of Banking and Finance, 45, 199-224
Measuring systemic risk-adjusted liquidity (SRL) – A model approach (2014)
Jobst, A. (IMF), Journal of Banking and Finance, 45, 270–287
A market-based approach to sector risk determinants and transmission in the euro area (2013)
Saldías, M. (Banco de Portugal and Católica Lisbon Research Unit), Journal of Banking and Finance, 37(11), 4534-4555
SAFE: An early warning system for systemic banking risk (2013)
Oet, M. (Federal Reserve Bank of Cleveland), Bianco, T. (Federal Reserve Bank of Cleveland), Gramlich, D. (Baden-Wuerttemberg Cooperative State University) and S. Ong (Federal Reserve Bank of Cleveland), Journal of Banking and Finance, 37(11), 4510-4533
Systematic liquidity and the funding liquidity hypothesis (2013)
Qian, X. (University of Macau), Tam, L. (University of Macau) and B. Zhang (University of New South Wales), Journal of Banking and Finance, 45, 304–320
Does Stock Liquidity Enhance or Impede Firm Innovation? (2013)
Fang, V., Tian, X. and S. Tice, Journal of Finance, 69(5), 2085–2125

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