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Current discussions about financial reform include the need for monitoring and regulating systemic risk in the financial sector. To inform those discussions, the National Research Council held a workshop on November 3, 2009, summarized in this volume, to identify major technical challenges to developing such a capability. More than 40 experts, with a variety of perspectives, participated. Although every systemic event has a unique pathology, there are some common elements. The workshop participants focused on these elements, such as triggers and propagation of effects, for systemic risk in...
Current discussions about financial reform include the need for monitoring and regulating systemic risk in the financial sector. To inform those discussions, the National Research Council held a workshop on November 3, 2009, summarized in this volume, to identify major technical challenges to developing such a capability. More than 40 experts, with a variety of perspectives, participated. Although every systemic event has a unique pathology, there are some common elements. The workshop participants focused on these elements, such as triggers and propagation of effects, for systemic risk in general rather than for specific scenarios. Thus, by design, neither the causes of the current crisis nor policy options for reducing risk were discussed. In addition, the participants attempted to steer clear of some policy issues altogether (such as how to allocate new supervisory responsibilities).