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The Risks of Financial Institutions$
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Mark Carey and Rene M. Stulz

Print publication date: 2007

Print ISBN-13: 9780226092850

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226092980.001.0001

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(p.1) Introduction
The Risks of Financial Institutions

Mark Carey

René M. Stulz

University of Chicago Press

This book advances the understanding, measurement, and management of financial institution risk. It addresses the determinants and measurement of risks at the level of individual institutions, as well as the determinants of systemic risk in a world where individual financial institutions measure and manage risk using approaches developed over the last twenty years. It also describes how interconnected the changes in progress are, and advocates the importance of continuing efforts to understand them. Risk management maximizes the wealth of its shareholders. Model risk denotes the risk institutions face because of model errors. Financial institutions find it difficult to aggregate firmwide risks. Risk management should help firms take risks that make money for them and avoid those that do not. Finally, an overview of the chapters included in this book is provided.

Keywords:   financial institution risk, measurement, risk management, systemic risk, wealth, model risk, model errors

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