دانلود مقاله ISI انگلیسی شماره 42156
عنوان فارسی مقاله

ریسک سیستماتیک در بخش انرژی: آیا نیاز به مقررات مالی وجود دارد؟

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
42156 2015 9 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Systemic risk in the energy sector—Is there need for financial regulation?
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Energy Policy, Volume 78, March 2015, Pages 22–30

کلمات کلیدی
ریسک سیستماتیک - سرایت - بخش انرژی - مشتقات کالا فرابورس - EMIR
پیش نمایش مقاله
پیش نمایش مقاله ریسک سیستماتیک در بخش انرژی: آیا نیاز به مقررات مالی وجود دارد؟

چکیده انگلیسی

The credit crisis points at serious systemic risks in Over The Counter derivative trading. This has resulted in new financial regulation, covering both the financial sector and non-financial sectors. The actual extent to which non-financial companies trading on OTC markets contribute to systemic risk has hardly been the subject of research. This paper investigates the need for financial regulation in the energy sector, which shows a high use of OTC derivatives, by modeling systemic risk measured by the expected fraction of additional failing firms (EAF). Contagion risk within the energy sector and from the energy sector towards the banking sector is compared with that in other non-financial sectors. This paper adds to existing systemic risk literature by specifically looking at financial interdependence between a non-financial sector showing a high usage of OTC commodity derivatives and the banking sector, while contributing to the discussion on energy sector regulation with technical systemic risk analysis. Results indicate that contagion risk from the energy towards the banking sector is not relatively high compared to other non-financial sectors. Our results provide a first indication to question the need for generalized regulation of OTC derivative transactions, as recently introduced by the European Market Infrastructure Regulation (EMIR).

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