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Erschienen in:
2016 | OriginalPaper | Buchkapitel
Behavioral Dimension of Systemic Risk
verfasst von : Hersh Shefrin
Erschienen in: Behavioral Risk Management
Verlag: Palgrave Macmillan US
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Systemic risk and sentiment are core concepts of the FIH. A financial firm is systemically risky when it is too big to fail in a financial crisis, and as a result contingency socialism comes into play as it is rescued by government action. According to the FIH, the route to contingency socialism features the occurrence of euphoria during an economic expansion. Euphoria is the leading edge of sentiment. This chapter discusses empirical aspects of analyzing the coevolution of systemic risk and sentiment over time.