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Systemic risk in banking ecosystems
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Journal Article
Systemic risk in banking ecosystems
2011
Overview
Crash test: can ecological theory save the markets?
In a Perspective review, Andrew Haldane, executive director for financial stability at the Bank of England, and ecologist Robert May look at the nature of risk that led to the recent global crisis in the international banking system. Utilizing tools more often used to analyse ecological food webs and the spread of infectious diseases, they conclude that there are lessons to be learned from the exercise that could inform future public policy decisions.
In the run-up to the recent financial crisis, an increasingly elaborate set of financial instruments emerged, intended to optimize returns to individual institutions with seemingly minimal risk. Essentially no attention was given to their possible effects on the stability of the system as a whole. Drawing analogies with the dynamics of ecological food webs and with networks within which infectious diseases spread, we explore the interplay between complexity and stability in deliberately simplified models of financial networks. We suggest some policy lessons that can be drawn from such models, with the explicit aim of minimizing systemic risk.
Publisher
Nature Publishing Group UK,Nature Publishing Group
Subject
/ Commerce - legislation & jurisprudence
/ Communicable Diseases - transmission
/ Ecology
/ Economic Recession - statistics & numerical data
/ Financial Management - legislation & jurisprudence
/ Financial Management - methods
/ GDP
/ Humanities and Social Sciences
/ Humans
/ Public Policy - legislation & jurisprudence
/ Risk and disasters sociology
/ Risk Management - legislation & jurisprudence
/ Science
/ Sociology of knowledge and sociology of culture
/ Sociology of leisure and mass culture
/ Studies
