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Containing System-Wide Liquidity Risks: Some Issues and Challenges*

Published online by Cambridge University Press:  28 September 2009

Nigel Jenkinson
Nigel Jenkinson
Affiliation:
Adviser, Financial Stability Board, Bank for International Settlements, Basel.
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Abstract

The financial crisis has demonstrated the importance of strengthening liquidity risk management and supervision. Such strengthening must take account of the system-wide dimension of risks: the likelihood that a number of firms will face a common stress at the same time, and the impact of their response to that stress on other firms and the wider system. Five high-level objectives are presented to guide the future development and design of a framework to contain system-wide liquidity risks.

Keywords

liquidityregulationsystemic risk
Type
Articles
Information
European Business Organization Law Review (EBOR) , Volume 10 , Issue 3 , September 2009 , pp. 387 - 409
Copyright
Copyright © T.M.C. Asser Press and the Authors 2009

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References

* Speech delivered at the University of Frankfurt Conference on the ‘Law and Economics of Money and Finance in Times of Financial Crisis’, 15 May 2009. I am very grateful to Nicola Anderson, Emily Beau, Roger Clews, Sebastiano Daros, John Elliott, Lee Hemphill, Marius Jurgilas, Sujit Kapadia, Jochen Schanz, George Speight and Paul Tucker for helpful comments and assistance. The views expressed in this article are those of the author and do not reflect the official policy or position of the Financial Stability Board, Bank for International Settlements, Basel.