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The Limits of Financial Risk Management: Or What we Didn't Learn from the Asian Crisis
Company: New Political Economy
Company Url: Click here to open
Year Of Publication: 2010
Month Of Publication: March
Resource Link: Click here to open
Pages: 29-49
Download Count: 0
View Count: 1134
Comment Num: 0
Language: English
Source: article
Who Can Read: Free
Date: 11-4-2013
Publisher: Administrator
Summary
Financial leaders continue to believe that a large part of the solution is to be found in greater transparency, more accurate risk assessment models, better due diligence – in short, to provide the markets with a truly comprehensive picture of the financial instruments that are being traded. I suggest that there are two crucial problems with this assumption. The first is that it is highly unlikely that it will ever be possible to truly calculate and quantify the indeterminacies that are at the heart of the process of securitisation and the originate to distribute (OTD) model. The second is that even if it were possible to develop such a comprehensive picture of the indeterminacies involved in securities markets, it is not at all clear that financial markets will have the capacity or the interest in making effective use of that information. These limits to financial risk management not only raise some serious questions about the kinds of regulatory solutions that are currently being proposed, but also make it all the more important that we develop a politically accountable response.
(volume 15, number 1)
Author(s)
Best, Jacqueline Sign in to follow this author
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