Beyond comparative statics
David Rowe says it is time to extend stress testing to include more than just analysing the immediate impact of selected extreme events
It is sometimes said that when your only tool is a hammer every problem looks like a nail. That is a rather picturesque way of saying that, to a greater or lesser extent, we all tend to be prisoners of our personal training and experience. In the past 15 to 20 years, financial risk managers have built elaborate and complex simulation systems to evaluate the impact of short-term movements in market
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