Ilknur Zer , Board of Governors of the Federal Reserve System, dictará charla

Esta charla es organizada por el  Centro de Economía Aplicada de Ingeniería Industrial y  El Instituto Milenio para la Investigación en Imperfecciones de Mercado y Políticas Publicas y se realizará el miércoles 6 de septiembre a las 13:00 horas en Beauchef 851, Piso 4.

Título de la charla : “Learning from History: Volatility and Financial Crises”, a cargo de Ilknur Zer, Board of Governors of the Federal Reserve System.
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 Abstract

We study the effects of volatility on financial crises by constructing  a cross-country database spanning over 200 years. Volatility is not a significant predictor of crises  whereas unusually  low volatility is. Low volatility is followed by credit build-ups and increased balance sheet leverage in the financial system, indicating that agents take more risk in periods of low risk, and increasing the likelihood of a banking crisis. That is, stability in the system endogenously creates instability. Such impact is weaker in times of relatively strong financial regulations.

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