This article considers the role of American International Group (AIG) and the insurance
sector in the 2007–2009 financial crisis and the implications for insurance regulation …

This article examines the potential for the US insurance industry to cause systemic risk
events that spill over to other segments of the economy. We examine primary indicators of …

We study the sources of corporate default clustering in the United States. We reject the
hypothesis that firms' default times are correlated only because their conditional default rates …

Background: This article seeks to complement the previous literature and clarify the risk of
an asset is the probable change in the future return on that asset. In another definition, the …

FRAGMENTATION NODES: A STUDY IN FINANCIAL INNOVATION, COMPLEXITY, AND
SYSTEMIC RISK Page 1 FRAGMENTATION NODES: A STUDY IN FINANCIAL INNOVATION …

One of the controversies of diversification is that it may not be necessarily beneficial to the
banks as it leads to more severe systemic risk. Recent studies have modelled theoretical …

Against the background of the global financial crisis, we review recent literature on the
debate about “too big to fail”. This is (still) one of the key issues in banking literature since it …

The paper investigates causal relationships between systemic risk, economic policy
uncertainty and firm bankruptcies, conditional on global volatility proxied by the VIX index, in …

Immediately after Lehman Brothers' bankruptcy, many firms disclosed their financial
exposure (or lack thereof) to Lehman. This offers a clean setting to test two credit contagion …

The Lehman bankruptcy highlights the potential for interconnectedness to cause negative
externalities through counterparty contagion, but the externalities may also arise from …