Risk Management
回顾了现代风险管理体系的发展，包括基于VaR的市场、信用和操作风险模型，指出这些方法在度量流动性和系统性风险方面的不足。
Modern risk management systems were developed in the early 1990s to provide centralized risk measures at the top level of financial institutions. These are based on a century of theoretical developments in risk measures. In particular, value at risk (VAR) has become widely used as a statistical measure of market risk based on current positions. This methodology has been extended to credit risk and operational risk. This article reviews the benefits and limitations of these models. In spite of all these advances, risk methods are poorly adapted to measure liquidity risk and systemic risk.