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Risk Management and the Costs of the Banking Crisis

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  • Honohan, Patrick

Abstract

The 2007–8 banking crisis in the advanced economies has exposed deficiencies in risk management and prudential regulation approaches that rely too heavily on mechanical, albeit sophisticated, risk management models. These have aggravated private and economic losses. While fiscal costs were at first limited, it remains to be seen to what extent the taxpayer will be protected. Policymakers and bankers need to recognise the limitations of rules-based regulation and restore a more discretionary and holistic approach to risk management.

Suggested Citation

  • Honohan, Patrick, 2008. "Risk Management and the Costs of the Banking Crisis," National Institute Economic Review, National Institute of Economic and Social Research, vol. 206, pages 15-24, October.
    • Handle: RePEc:cup:nierev:v:206:y:2008:i::p:15-24_3
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