← volver

Ciclo seminarios CEA – MIPP / Ilknur Zer, Board of Governors of the Federal Reserve System

13:00 horas, Sala Consejo, Ingeniería Industrial, Torre Oriente (Beauchef 851, 4to piso, Santiago)

El Centro de Economía Aplicada (CEA) y el Instituto Milenio para la Investigación en Imperfecciones de Mercado y Políticas Públicas (MIPP) de la Universidad de Chile invitan a su ciclo de seminarios programados para el segundo semestre del año.

Invitada: Ilknur Zer, Board of Governors of the Federal Reserve System

Título de la conferencia: “Learning from History: Volatility and Financial Crises”

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

Más información

Confirmaciones: Olga Barrera / obarrera@dii.uchile.cl