Objetivo The current financial crisis testifies that the sophisticated risk management models used by large financial institutions are inadequate. The main objective of this research project is to analyze the sources of this failure and to develop sound conceptual principles for founding new risk management methods for financial institutions. In spite of the wide use of sophisticated risk management models by the majority of large firms, the conceptual foundations for them are weak. Most of them rely on the assumption that financial markets always function well. The few theoretical models that incorporate endogenous financial frictions use contract theoretic tools but they are static or two period models. Such models cannot generate really testable implications, or provide quantitatively reasonable policy recommendations. Another strand of the theoretical literature has developed diffusion models for modelling the financial behaviour of corporations in continuous time. However this literature is mathematically oriented and makes very strong assumptions, without clear justifications. Our objective is to combine these two approaches and construct testable dynamic models with endogenous financial frictions. These models are to be simple enough that they can provide reasonable policy recommendations, with a particular attention to banks and insurance companies. By adapting the general model of corporate risk management in a dynamic set-up to the specificities of financial intermediaries, we will develop a model of risk management for the financial sector. Implications will be derived for prudential regulation of financial intermediaries and the organisation of supervision, with a particular attention to the prevention and management of future financial crises. Ámbito científico social sciencessociologygovernancecrisis management Programa(s) FP7-IDEAS-ERC - Specific programme: "Ideas" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) Tema(s) ERC-AG-SH1 - ERC Advanced Grant - Individuals, institutions and markets Convocatoria de propuestas ERC-2009-AdG Consulte otros proyectos de esta convocatoria Régimen de financiación ERC-AG - ERC Advanced Grant Institución de acogida University of Zurich Aportación de la UE € 1 123 558,68 Dirección RAMISTRASSE 71 8006 ZURICH Suiza Ver en el mapa Tipo de actividad Higher or Secondary Education Establishments Investigador principal Jean-Charles Rochet (Prof.) Contacto administrativo Jean-Charles Rochet (Prof.) Enlaces Contactar con la organización Opens in new window Sitio web Opens in new window Coste total Sin datos Beneficiarios (2) Ordenar alfabéticamente Ordenar por aportación de la UE Ampliar todo Contraer todo University of Zurich Suiza Aportación de la UE € 1 123 558,68 Dirección RAMISTRASSE 71 8006 ZURICH Ver en el mapa Tipo de actividad Higher or Secondary Education Establishments Investigador principal Jean-Charles Rochet (Prof.) Contacto administrativo Jean-Charles Rochet (Prof.) Enlaces Contactar con la organización Opens in new window Sitio web Opens in new window Coste total Sin datos FONDATION JEAN JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES La participación finalizó Francia Aportación de la UE € 316 441,32 Dirección 5E ETAGE, 1 ESP DE L'UNIVERSITE 31080 Toulouse Ver en el mapa Región Occitanie Midi-Pyrénées Haute-Garonne Tipo de actividad Research Organisations Contacto administrativo Celine Claustre (Ms.) Enlaces Contactar con la organización Opens in new window Coste total Sin datos