EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 35 SYSTEMIC RISK: A SURVEY BY OLIVIER DE BANDT AND PHILIPP HARTMANN November 2000 EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 35 SYSTEMIC RISK: A SURVEY* BY OLIVIER DE BANDT** AND PHILIPP HARTMANN*** November 2000 * The authors wish to thank, without implication, Ivo Arnold, Lorenzo Bini-Smaghi, Frank Browne, Elena Carletti, Pietro Catte, E.P. Davis, Kevin Dowd, Mark Flannery, Marcel Fratzscher, Charles Goodhart, Mauro Grande, Gerhard Illing, Jeff Lacker, Tim Montgomery, María Nieto, Rafael Repullo, Daniela Russo, Benjamin Sahel, the participants of the ECB research seminar, the Tinbergen Institute economics seminar in Rotterdam, the Banking Supervisory Sub-Committee, the Second Joint Central Bank Conference on “Risk Measurement and Systemic Risk”, hosted by the Bank of Japan in Tokyo, and the Center for Financial Studies Conference on “Systemic Risk and Lender of Last Resort Facilities” in Frankfurt for their comments on an earlier draft of the paper. Any views expressed in this paper are the authors’ own and do not necessarily reß ect those of the European Central Bank, the Banque de France or the Eurosystem. ** Banque de France, Direction des Etudes et de la Recherche, 39 rue Croix des Petits Champs, 75049 Paris Cedex 01, France, email:
[email protected]. *** European Central Bank, DG Research. Kaiserstrasse 29, 60311 Frankfurt, Germany, phone: +49-69-1344 7356, fax: +49-69-1344 6575, email:
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