A Demon of Our Own Design
Book • 2007
A Demon of Our Own Design explores how financial innovations intended to reduce risk have instead increased market instability.
Drawing from his experiences in managing risk at prominent financial institutions and hedge funds, Richard Bookstaber examines major financial crises, including the 1987 crash and the demise of Long-Term Capital Management.
He argues that complexity and tight coupling in financial systems can lead to 'normal accidents,' making markets more vulnerable to crises.
Drawing from his experiences in managing risk at prominent financial institutions and hedge funds, Richard Bookstaber examines major financial crises, including the 1987 crash and the demise of Long-Term Capital Management.
He argues that complexity and tight coupling in financial systems can lead to 'normal accidents,' making markets more vulnerable to crises.
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Richard Bookstaber on the Big Structural Risk in the Market Right Now
