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Research Article
Open Access

Financial Sector Health Since 2007: A Comparative Analysis of the United States, Europe, and Asia

Viral V. Acharya
RSF: The Russell Sage Foundation Journal of the Social Sciences January 2017, 3 (1) 122-137; DOI: https://doi.org/10.7758/RSF.2017.3.1.07
Viral V. Acharya
aC. V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business
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REFERENCES

  1. ↵
    1. Acharya, Viral V
    . 2009. “A Theory of Systemic Risk and Design of Prudential Bank Regulation.” Journal of Financial Stability 5(3): 224–55.
    OpenUrlCrossRefWeb of Science
  2. ↵
    Acharya, Viral V. 2014. “The Nexus Between Financial Sector and Sovereign Credit Risks.” Presentation at Copenhagen Business School (August). Available at: rn.nyu.edu/~sternfin/vacharya/public_html/pdfs/ToulouseLectures.pdf; accessed June 9, 2016.
  3. ↵
    Acharya, Viral V., Tim Eisert, Christian Eufinger, and Christian Hirsch. 2014. “Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans.” Unpublished working paper. New York: NYU Stern School of Business.
  4. ↵
    1. Acharya, Viral V.,
    2. Robert Engle, , and
    3. Diane Pierret
    . 2014. “Testing Macro-Prudential Stress Tests: The Risk of Regulatory Risk Weights.” Journal of Monetary Economics 65: 36–53.
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    1. Acharya, Viral V.,
    2. Robert Engle, , and
    3. Matthew P. Richardson
    . 2012. “Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks.” American Economic Review Papers and Proceedings 102(3): 59–64.
    OpenUrlCrossRefWeb of Science
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    Acharya, Viral V., Lasse H. Pedersen, Thomas Philippon, and Matthew P. Richardson. 2010a. “Measuring Systemic Risk.” In Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, edited by Viral V. Acharya, Thomas F. Cooley, Matthew Richardson, and Ingo Walter. New York: John Wiley.
  7. ↵
    Acharya, Viral V., Lasse H. Pedersen, Thomas Philippon, and Matthew P. Richardson. 2010b. “Taxing Systemic Risk.” in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, edited by Viral V. Acharya, Thomas F. Cooley, Matthew Richardson, and Ingo Walter. New York: John Wiley.
  8. ↵
    Acharya, Viral V., Lasse H. Pedersen, Thomas Philippon, and Matthew P. Richardson. 2010c. “Measuring Systemic Risk.” Technical report. New York: NYU Stern School of Business, Department of Finance.
  9. ↵
    Acharya, Viral V., and Sascha Steffen. 2014. “Benchmarking the European Central Bank’s Asset Quality Review and Stress Test—A Tale of Two Leverage Ratios.” Brussels: Center for European Policy Studies.
  10. ↵
    1. Acharya, Viral V., and
    2. Sascha Steffen
    . 2015. “The Greatest Carry Trade Ever? Understanding Eurozone Bank Risks.” Journal of Financial Economics 115(2): 215–36.
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    1. Becker, Bo, and
    2. Victoria Ivashina
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    Becker, Bo, and Marcus Opp. 2014. “Regulatory Reform and Risk-Taking: Replacing Ratings.” Working Paper. Berkeley: University of California, Haas School of Business.
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    Brownlees, Christian, and Robert Engle. 2011. “Volatility, Correlation and Tails for Systemic Risk Measurement.” Working Paper. New York: New York University.
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    1. Caballero, Ricardo J.,
    2. Takeo Hoshi, , and
    3. Anil K. Kashyap
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    1. Calomiris, Charles, and
    2. Richard Herring
    . 2013. “How to Design a Contingent Convertible Debt Requirement That Helps Solve Our Too-Big-To-Fail Problem.” Journal of Applied Corporate Finance 25(2): 66–89.
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    Engle, Robert. 2011. “Dynamic Conditional Beta.” New York: NYU Sterns School of Business, Volatility Institute. Available at: www.frbsf.org/economic-research/files/Thu_1340_Engle.pdf; accessed June 9, 2016.
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    1. Hoshi, Takeo, and
    2. Anil K. Kashyap
    . 2010. “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan.” Journal of Financial Economics 97(3): 398–417.
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    . 2005. “Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan.” American Economic Review 95(4): 1144–66.
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  20. ↵
    1. Popov, Alexander, and
    2. Neeltje van Horen
    . 2014. “Exporting Sovereign Stress: Evidence from Syndicated Bank Lending During the Euro Area Sovereign Debt Crisis.” Review of Finance 19(5). Available at: www.researchgate.net/publication/274310421_Exporting_Sovereign_Stress_Evidence_from_Syndicated_Bank_Lending_during_the_Euro_Area_Sovereign_Debt_Crisis; accessed June 9, 2016
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RSF: The Russell Sage Foundation Journal of the Social Sciences: 3 (1)
RSF: The Russell Sage Foundation Journal of the Social Sciences
Vol. 3, Issue 1
1 Jan 2017
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Financial Sector Health Since 2007: A Comparative Analysis of the United States, Europe, and Asia
Viral V. Acharya
RSF: The Russell Sage Foundation Journal of the Social Sciences Jan 2017, 3 (1) 122-137; DOI: 10.7758/RSF.2017.3.1.07

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Financial Sector Health Since 2007: A Comparative Analysis of the United States, Europe, and Asia
Viral V. Acharya
RSF: The Russell Sage Foundation Journal of the Social Sciences Jan 2017, 3 (1) 122-137; DOI: 10.7758/RSF.2017.3.1.07
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  • Article
    • Abstract
    • SRISK: A MEASURE OF FINANCIAL SECTOR HEALTH
    • ASSESSING GLOBAL FINANCIAL SECTOR HEALTH USING SRISK
    • WHAT EXPLAINS THE DIVERGENCE IN EVOLUTION OF GLOBAL FINANCIAL SECTOR HEALTH SINCE 2007?
    • CONCLUSION
    • Acknowledgments
    • APPENDIX
    • FOOTNOTES
    • REFERENCES
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  • References
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Keywords

  • systemic risk
  • capital shortfall
  • financial crises
  • SRISK
  • deleveraging

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