Systemic Risk and Prudential Policy

Course overview

The objective of the Systemic Risk and Prudential Policy course is to present state of the frontier research on systemic risk and to illustrate its implications for micro and macro prudential regulation as well as monetary and competition policy.

The course covers the main models of systemic risk proposed in the literature and the quantitative techniques for the measurement and prediction of systemic risk.

The course provides a critical summary of the prudential regulation initiatives for systemic risk, highlighting the limitations of current prudential policy, the potential of the new macroprudential approach, and the costs and benefits of the proposed policy measures.

Additionally, the course examines the rise of shadow banks, the role of banks as providers of liquidity insurance, and the interaction between securitization and systemic risk.



  • Filippo Ippolito (UPF and BSE), course director
  • Christian Brownlees (UPF and BSE)
  • Xavier Freixas (UPF and BSE)
  • José García-Montalvo (ICREA-UPF and BSE)
  • José-Luis Peydró (ICREA-UPF and BSE)
  • Victoria Vanasco (Stanford University)

Detailed instructor biographies and course plan are available below.

Key benefits

  • Learn what is systemic risk and how to measure it in practice
  • Learn what are the regulatory policy implications of systemic risk
  • Learn about key micro and macro prudential policies
  • Learn how to measure CoVaR and SRISK
  • Learn about the role of interbank and syndicated loan markets