在21世紀度量金融風險(英文版)(pdf 10頁)

The Russian-inspired correction has brought a brutal reminder to financial
institutions that global finance is all about risk taking, and risk management remains not a science but an art. Over the past decade or so, the markets have seen one debacle after another, each of which has brought its lessons-from some of which
the markets have learned and from many of which the markets still need to learn.
The 1987 crash taught markets the dangers of automated trading models and the second and third-order effects of a credit crisis (that is, repo market). In 1990, Wall Street learned the horrors of holding huge illiquid investments when the meltdown in the junk market left billions of dollars of hung bridge loans. In 1994’s spectacular bond market collapse, financial executives saw for the first time how correlated global markets had become as the fallout from Federal Reserve
Board rate hikes swept from the U.S. through Europe, before devastating Mexico and other emerging markets. In late 1998 and 1999, everyone went back to school.
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