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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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A Comparative Analysis of Financial Sector Health in the United States, Europe, and Asia

A Comparative Analysis of Financial Sector Health in the United States, Europe, and Asia

Chapter:
(p.43) 5 A Comparative Analysis of Financial Sector Health in the United States, Europe, and Asia
Source:
Progress and Confusion
Author(s):

Viral V. Acharya

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0005

This chapter presents a measure of systemic risk to assess the evolution of financial sector health since 2007 in the United States, Europe, and Asia. The measure of systemic risk is based on the expected capital shortfall of financial firms during a crisis, aggregated across firms and constructed using publicly available and balance sheet data. The chapter finds that while capital shortfalls in the financial sector have decreased in the United States, they remain high in Europe and have increased in Asia, notably in China.

Keywords:   financial institutions, capital shortfalls, systemic risk, regulatory reform, United States, Europe, Asia, China

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