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Risk Management in Turbulent Times

By: (Author) Gilles Beneplanc , (Author) Jean-Charles Rochet

Manufacture on Demand

Ksh 17,050.00

Format: Hardback or Cased Book

ISBN-10: 0199774080

ISBN-13: 9780199774081

Publisher: Oxford University Press Inc

Imprint: Oxford University Press Inc

Country of Manufacture: US

Country of Publication: GB

Publication Date: Sep 8th, 2011

Print length: 224 Pages

Weight: 468 grams

Dimensions (height x width x thickness): 23.80 x 16.40 x 1.80 cms

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The risk management models used by banks and insurance companies are designed for when financial markets behave smoothly and efficiently. However, large risks materialize very often, and financial markets periodically go through bubbles and crashes. This book provides a road map of the most popular models of risk management and shows how they can be adapted to "turbulent times".
The subprime crisis has shown that the sophisticated risk management models used by banks and insurance companies had serious flaws. Some people even suggest that these models are completely useless. Others claim that the crisis was just an unpredictable accident that was largely amplified by the lack of expertise and even naivety of many investors. This book takes the middle view. It shows that these models have been designed for "tranquil times", when financial markets behave smoothly and efficiently. However, we are living in more and more "turbulent times": large risks materialize much more often than predicted by "normal" models, financial models periodically go through bubbles and crashes. Moreover, financial risks result from the decisions of economic actors who can have incentives to take excessive risks, especially when their remunerations are ill designed. The book provides a clear account of the fundamental hypotheses underlying the most popular models of risk management and show that these hypotheses are flawed. However it shows that simple models can still be useful, provided they are well understood and used with caution.

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