"SYstemic Risk TOmography: Signals, Measurements, Transmission Channels, and Policy Interventions"


 Organization address address: Piazza Del Mercato 15
postcode: 25121

contact info
Titolo: Prof.
Nome: Roberto
Cognome: Savona
Email: send email
Telefono: +39 030 2988557

 Nazionalità Coordinatore Italy [IT]
 Sito del progetto
 Totale costo 3˙088˙884 €
 EC contributo 2˙473˙064 €
 Programma FP7-SSH
Specific Programme "Cooperation": Socio-economic Sciences and Humanities
 Code Call FP7-SSH-2012-2
 Funding Scheme CP-FP
 Anno di inizio 2013
 Periodo (anno-mese-giorno) 2013-03-01   -   2016-02-29


# participant  country  role  EC contrib. [€] 

 Organization address address: Piazza Del Mercato 15
postcode: 25121

contact info
Titolo: Prof.
Nome: Roberto
Cognome: Savona
Email: send email
Telefono: +39 030 2988557

IT (BRESCIA) coordinator 731˙080.00

 Organization address address: DE BOELELAAN 1105
postcode: 1081 HV

contact info
Titolo: Mrs.
Nome: Marga
Cognome: Nijhof-Van Der Struik
Email: send email
Telefono: +31 20 5986085
Fax: 31205986127

NL (AMSTERDAM) participant 591˙240.00

 Organization address address: DORSODURO 3246
postcode: 30123

contact info
Titolo: Dr.
Nome: Federica
Cognome: Fasolato
Email: send email
Telefono: 390412000000

IT (VENEZIA) participant 553˙048.00

 Organization address address: Rue Michel -Ange 3
city: PARIS
postcode: 75794

contact info
Titolo: Mr.
Nome: Alain
Cognome: Mangeol
Email: send email
Telefono: +33 1 49604185

FR (PARIS) participant 333˙576.00

 Organization address address: KEFALLINIAS STREET 46
city: ATHENS
postcode: 11251

contact info
Titolo: Dr.
Nome: Marie
Cognome: Marinopoulou
Email: send email
Telefono: 302109000000

EL (ATHENS) participant 264˙120.00


 Word cloud

Esplora la "nuvola delle parole (Word Cloud) per avere un'idea di massima del progetto.

explore    stability    area    banks    economies    series    data    markets    structures    syrto    policy    ews    connections    relationships    corporations    systemic    financial    crisis    appropriate    contagion    market    impacts    links    monetary    risk    minimise    economic    code    intermediaries    prevent    interplay    bfis    governance    credit    mechanisms    indicators    crises    recommendations    economy    macro    banking    risks    sovereigns   

 Obiettivo del progetto (Objective)

'During the second half of 2011 sovereign and banking risks increased in the Eurozone in an environment of weakening macroeconomic growth prospects. Contagion effects have become substantial also accelerated by the interplay between vulnerability of public finances and financial sector. Furthermore, bank funding pressures increased markedly thus feeding the fear of the Euro crash. The SYRTO project aims at exploring the relationships between sovereigns – banks and other financial intermediaries (BFIs) – corporations of the European Union with the following objectives: 1. Identify the common (”fundamental”) and the sector-specific (idiosyncratic) risks, and assemble an Early Warnings System (EWS) to be used as risk barometer for each sector and countries alike, in order to identify potential threats to financial stability, and as a system of rule of thumbs by monitoring a series of leading indicators so as to minimise the possible negative impacts from systemic crises, preventing contagion effects also including the appropriate mechanisms to restore systemic crisis problems. 2. Explore policy and monetary issues relative to systemic risk developing a “SYRTO Code” in order to detect a series of recommendations, also expressed in terms of EWS prescriptions, on the appropriate governance structures for EU to prevent and minimise systemic risks, and on the best mechanisms for ensuring an effective interplay between, and coordination of, macro and micro-prudential responsibilities. SYRTO is conceived, articulated and devoted to lay the foundations for a better macro-economic and monetary integration in Europe. The expected impacts of the project are directed towards the developing of conceptual and analytical underpinnings for efficient macroprudential policies in order to reshaping the European economy and strengthening the political unity of the EU.'

Introduzione (Teaser)

The euro area crisis, market disturbances and speculation about further contagion are fuelling financial instability. An EU initiative is devising risk measures to identify links and weaknesses in the financial system.

Descrizione progetto (Article)

In this context of economic uncertainty, the EU-funded (SYRTO) (Systemic risk tomography: Signals, measurements, transmission channels, and policy interventions) project aims to determine the risks of the financial system, develop an early warning system (EWS) for systemic risks, and make recommendations to prevent and manage such risks.

Halfway through its three-year period, the project focused on examining sector-specific risks within the financial system by identifying and understanding the major risk sources for sovereigns, banks and other financial intermediaries (BFIs), and corporations. To this end, work has included approaches to market reactions, credit default swap and stock markets, exploration of credit risk in large banking systems and data mining to find optimal tools for forecasting corporate defaults.

Another key project activity has been the study of key risk relationships and connections among sovereigns, BFIs and corporations. Statistical and econometric techniques were used to explore two-way risk connections between the three. Various approaches were also employed to identify the connection between related financial and economic links and unexpected or unpredictable events that negatively affect economies.

Financial and economic data was compiled on the euro area, the EU-28, Japan and the United States. This resulted in measures and indicators to monitor markets, financial institutions and the economy, and to assess the impact of risks. The systemic risk measures and economic and financial indicators will be used to develop the web-based EWS.

Work is underway on a 'code' that gathers recommendations on governance structures for the EU to counteract and reduce systemic risks. As such, project partners have examined monetary, policy and regulatory issues concerning financial and economic stability.

The methodologies currently being developed in SYRTO will ultimately help to prevent, manage and resolve systemic crises in the euro area. Financially liberalised economies in Europe stand to benefit from stable financial conditions.

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