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Cited by 913

The DOI matches its Crossref record; 53 of the 53 references it cites were found in a registry or an index.

Has Finance Made the World Riskier?

Rajan, Raghuram G.·2006·European Financial Management
DOI 10.1111/j.1468-036x.2006.00330.x
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Abstract

Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk bearing capacity of economies, as well as in actual risk taking, has led to a range of financial transactions that hitherto were not possible, and has created much greater access to finance for firms and households. On net, this has made the world much better off. Concurrently, however, we have also seen the emergence of a whole range of intermediaries, whose size and appetite for risk may expand over the cycle. Not only can these intermediaries accentuate real fluctuations, they can also leave themselves exposed to certain small probability risks that their own collective behaviour makes more likely. As a result, under some conditions, economies may be more exposed to financial‐sector‐induced turmoil than in the past. The paper discusses the implications for monetary policy and prudential supervision. In particular, it suggests market‐friendly policies that would reduce the incentive of intermediary managers to take excessive risk.

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Metadata

Authors
Rajan, R. G.
Venue
European Financial Management
Publisher
Wiley
Published
2006-08-10
Volume
12
Issue
4
Pages
499-533
ISSN
  • 1354-7798 (ISSN-L)
  • 1468-036X
DOI
10.1111/j.1468-036x.2006.00330.x
OpenAlex
W2034309299
Cited by
913
References
53
FWCI
15.89
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Has Finance Made the World Riskier? https://app.cochat.ai/papers/10.1111/j.1468-036x.2006.00330.x
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Rajan, R. G. (2006). Has Finance Made the World Riskier? European Financial Management. https://doi.org/10.1111/j.1468-036x.2006.00330.x

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.