The dynamics of the financial system and the undercurrents of its vulnerabilities rest on the flow of funding. Analysts typically represent these dynamics as a network with banks and financial entities as the nodes and the funding links as the edges. This paper focuses instead on the funding...

Financial instability often results from positive feedback loops intrinsic to the operation of the financial system. The challenging task of identifying, modeling, and analyzing the causes and effects of such feedback loops requires a proper systems engineering perspective lacking in the...

The current methods used to assess market and portfolio risk extend back to the early 1990s. These methods were developed for banks and broker/dealers and then were adopted by the portfolio management and hedge fund community. This audience focuses on short-term risk, which is measured in days...