Systemic
Risk
in the
Financial
Sector
Centre for International
Governance Innovation
Systemic
Risk
in the
Financial
Sector
Ten Years after the Great Crash
EDITORS
DOUGLAS W. ARNER
EMILIOS AVGOULEAS
DANNY BUSCH
STEVEN L. SCHWARCZ
2019 Centre for International Governance Innovation
ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system or transmitted by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher, application for which should be addressed to the Centre for International Governance Innovation, 67 Erb Street West, Waterloo, Ontario, Canada N2L 6C2 or .
ISBN 978-1-928096-88-7 (cloth)
ISBN 978-1-928096-89-4 (paper)
ISBN 978-1-928096-90-0 (ePUB)
ISBN 978-1-928096-91-7 (ePDF)
Library and Archives Canada Cataloguing in Publication
Title: Systemic risk in the financial sector: ten years after the great crash / editors: Douglas W.
Arner; Emilios Avgouleas; Danny Busch; Steven L. Schwarcz.
Names: Arner, Douglas W., editor. | Avgouleas, Emilios, 1968- editor. | Busch, Danny, editor. |
Schwarcz, Steven L., editor. | Centre for International Governance Innovation, issuing body.
Description: Includes bibliographical references.
Identifiers: Canadiana (print) 20190137479 | Canadiana (ebook) 20190143738 | ISBN
9781928096887 (cloth) | ISBN 9781928096894 (paper) | ISBN 9781928096900 (ePUB) |
ISBN 9781928096917 (ePDF)
Subjects: LCSH: Global Financial Crisis, 20082009. | LCSH: Monetary policy. | LCSH:
Economic policy.
Classification: LCC HB3722 .S97 2019 | DDC 339.5dc23
Published by the Centre for International Governance Innovation (CIGI).
The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Centre for International Governance Innovation or its Board of Directors.
Cover design by Brigitte Binet. Page design by Brooklynn Schwartz.
Printed and bound in Canada.
Centre for International Governance Innovation and CIGI are registered trademarks.
Centre for International
Governance Innovation
Centre for International Governance Innovation
67 Erb Street West
Waterloo, ON Canada N2L 6C2
www.cigionline.org
Abbreviations and Acronyms
ABCP | asset-backed commercial paper |
ABMI | ASEAN+3 Bond Market Initiative |
AFC | Asian financial crisis |
AIFs | alternative investment funds |
AIFMD | Alternative Investment Fund Managers Directive |
AIG | American International Group |
AI/ML | artificial intelligence and machine learning |
AMCs | asset management companies |
AMRO | ASEAN+3 Macroeconomic Research Office |
ASEAN | Association of Southeast Asian Nations |
ASEAN+3 | Association of Southeast Asian Nations Plus Three |
AT1 | Additional Tier 1 |
ATB | Alberta Treasury Branches |
BCBS | Basel Committee on Banking Supervision |
BIS | Bank for International Settlements |
BoC | Bank of Canada |
BRRD | Bank Recovery and Resolution Directive |
CBBA | Central Bank as Banking Authority index |
CBI | central bank independence |
CBSS | Central Bank Supervisor Share index |
CCMRS | cooperative capital markets regulatory system |
CCPs | central counterparty clearing houses |
CDIC | Canada Deposit Insurance Corporation |
CDSs | credit default swaps |
CEPR | Centre for Economic Policy Research |
CEPS | Centre for European Policy Studies |
CET1 | common equity tier one |
CFTC | Commodity Futures Trading Commission |
CIBC | Canadian Imperial Bank of Canada |
CIGI | Centre for International Governance Innovation |
CISS | coincident index of systemic stress |
CJEU | Court of Justice of the European Union |
CMHC | Canada Mortgage and Housing Corporation |
CMI | Chiang Mai Initiative |
CMIM | Chiang Mai Initiative Multilateralization Agreement |
CMRA | Capital Markets Regulatory Authority |
CMSA | Capital Markets Stability Act |
CMU | Capital Markets Union |
CoCos | contingent convertible bonds |
CRAs | credit rating agencies |
CREF | College Retirement Equities Fund |
CSA | Canadian Securities Administrators |
CSRI | cyclical systemic risk indicator |
CTRO | chief technology risk officer |
DGS | Deposit Guarantee Scheme |
DoF | Department of Finance |
D-SIBs | domestic systemically important banks |
DTI | debt to income |
EBA | European Banking Authority |
EBU | European Banking Union |
ECB | European Central Bank |
ECGI | European Corporate Governance Institute |
EIOPA | European Insurance and Occupational Pensions Authority |
EMIR | European Market Infrastructure Regulation |
EMU | Economic and Monetary Union |
ESAs | European Supervisory Authorities |
ESM | European Stability Mechanism |
ESMA | European Securities and Markets Authority |
ESRB | European Systemic Risk Board |
FCAC | Financial Consumer Agency of Canada |
FDIC | Federal Deposit Insurance Corporation |
FIBO | Financial Industry Business Ontology |
FICO | minimum credit score |
fintech | financial technology |
FISC | Financial Institutions Supervisory Committee |
FMIs | financial market infrastructures |
FPC | Financial Policy Committee |
FRB | Federal Reserve Board |
FRS | Federal Reserve System |
FRBKC | Federal Reserve Bank of Kansas City |
FRBNY | Federal Reserve Bank of New York |
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