Financial Services Can No Longer Treat Systemic Risk as External Financial services have always been exposed to the real economy. Banks depend on borrowers. Insurers depend on risk pools. Reinsurers depend on global loss patterns. Asset managers depend on issuer performance,...

Capital Markets in an Age of Systemic Risk Capital markets are among the most important coordination systems in the global economy. They help governments, companies, infrastructure operators, financial institutions, and public-interest entities raise capital. They help investors allocate savings across time,...

Banking in an Age of Connected Risk Banks sit at the center of the real economy. They hold deposits, extend credit, finance enterprises, support households, move payments, provide liquidity, serve communities, enable trade, connect businesses to capital, support public finance, and...

Insurance Is Becoming a Systems Question Insurance is one of the most important risk institutions in the global economy. It allows households to recover after loss. It enables enterprises to operate with confidence. It supports lending, trade, construction, infrastructure, logistics, agriculture,...