Regulatory frameworks – lessons learned
and potential implications of the Credit Crisis
[this page | pdf | references | back links]
The 2007-2009 Credit Crisis has led to much soul searching
both inside and outside the financial community. Malcolm Kemp (Nematrian) and
Elliot Varnell (KPMG) spoke at the UK Actuarial Profession’s Risk and
Investment Conference in Edinburgh in June 2010 on possible lessons and
implications to draw from this crisis. Their presentation, a background paper
and an earlier presentation on regulatory frameworks and liquidity risk given
by Malcolm Kemp at Imperial College are available by following the links set out
below:
-
Regulatory
frameworks – lessons learned and potential implications of the Credit Crisis,
Risk and Investment Conference, Edinburgh, June 2010
-
Regulatory
frameworks – lessons learned and potential implications of the Credit Crisis –
background paper, Risk and Investment Conference, Edinburgh, June 2010
-
Regulatory
Change and the Credit/Liquidity Crisis, Lecture at Imperial College,
London, May 2010
Two more broadly based articles written by Malcolm Kemp that
are (loosely) related to this topic are:
-
Capital
Quality and the Illiquidity Premium. This previously unpublished article
explores the conceptual linkage between ‘capital tiering’ and the illiquidity
premium (since incorporation of an illiquidity premium in the valuation of
liabilities reduces the value placed on these liabilities and thus behaves akin
to an asset on the asset side of the balance sheet).
-
Funding
the Country’s Infrastructure Needs. This article, published in Financial
News, a Dow Jones Company, in February 2010 touches on the illiquid nature of
infrastructure investment and the link between the appetite for it and the
treatment of liquidity risk in the regulatory frameworks applicable to major
investing institutions