Title: The Illusion of Control: Why Financial Crises Happen, and What We Can (and Can?t) Do About It
Publisher: Yale University Press
Publication Date: 2022
Language: English
ISBN 10: 0300234813
ISBN 13: 9780300234817
Binding: Hardcover
Condition: new
Weight: 1.05 kilograms

About this title

Synopsis

A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are doomed to fail

Finance plays a key role in the prosperity of the modern world, but it also brings grave dangers. We seek to manage those threats with a vast array of sophisticated mathematical tools and techniques of financial risk management. Too often, though, we fail to address the greatest risk—the peril posed by our own behavior.

J�n Dan�elsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Dan�elsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system.

About the Author

J�n Dan�elsson is a professor of finance and the director of the Systemic Risk Centre at the London School of Economics. He is the author of Financial Risk Forecasting and Global Financial Systems: Stability and Risk.

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