
"In 1907, no one had ever heard of an asset-backed security and a single private individual could command the resources needed to bail out the banking system; and yet, fundamentally, the Panic of 1907 and the Panic of 2008 were instances of the same phenomenon.
The challenge for policymakers is to identify and isolate the common factors of crises, thereby allowing us to prevent crises when possible and to respond effectively when not."
Ben Bernanke, Chairman of the FED
Professor Eric Ghysels from the Kenan-Flagler Business School, University of North Carolina, will share the results of his studies on systemic risks.