English Abstract: Instead of focusing on short-term issues at the risk of jeopardizing the financial sustainability of …

We review the extensive literature on systemic risk and connect it to the current regulatory debate. While we take … studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory … theory, but could support a more efficient regulation. Bridging this gap will require encompassing theoretical models and …

We derive several popular systemic risk measures in a common framework and show that they can be expressed as … transformations of market risk measures (e.g., beta). We also derive conditions under which the different measures lead to similar … show that (1) different systemic risk measures identify different SIFIs and that (2) firm rankings based on systemic risk …