Money and liquidity in financial markets
Gabriella Chiesa2014, Journal of Financial Economics
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Abstract
Finance Institute is a private foundation funded by the Swiss banks and Swiss Stock Exchange. It merges 3 existing foundations: the International Center FAME, the Swiss Banking School and the Stiftung "Banking and Finance" in Zurich. With its university partners, the Swiss Finance Institute pursues the objective of forming a competence center in banking and finance commensurate to the importance of the Swiss financial center. It will be active in research, doctoral training and executive education while also proposing activities fostering interactions between academia and the industry. The Swiss Finance Institute supports and promotes promising research projects in selected subject areas. It develops its activity in complete symbiosis with the NCCR FinRisk. The National Centre of Competence in Research "Financial Valuation and Risk Management" (FinRisk) was launched in 2001 by the Swiss National Science Foundation (SNSF). FinRisk constitutes an academic forum that fosters cutting-edge finance research, education of highly qualified finance specialists at the doctoral level and knowledge transfer between finance academics and practitioners. It is managed from the University of Zurich and includes various academic institutions from Geneva,
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The recent fi nancial crisis has demonstrated that a failure of systemically important fi nancial institutions (SIFIs) could seriously damage the stability of the fi nancial system. A precise and consistent defi nition of a SIFI is pivotal to ensure effi cient and effective regulation of the global fi nancial sector. This paper proposes a threefold test that indicates which fi nancial institutions are systemically important across the various industry segments.
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This paper grew out of a suggestion from Anthony M. Santomero, who would have been a collaborator and co-author had he not received and graciously heeded a call to public service. His comments on the paper have been most helpful. I also have received valuable comments from Douglas Pearce and John Lapp.
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