Systemic Risk and the Future of Insurance Regulation

Georgosouli, Andromachi; Goldby, Miriam

doi:10.4324/9781315812915

Cited by 2 publications

(1 citation statement)

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“…138 In this vein, for instance, Andromachi Georgosouli argues for a constructivist approach to regulatory interpretation in which 'each interpreter is expected to ascertain the scheme of principles of political morality, that gives the best account of the practice of regulation, and use this as interpretive guidance'. 139 This aspect of constructivism risks courts revisiting and undermining the decisions made by the legislature and the agency. 140 The purposive approach to regulatory interpretation we defend is different in important ways to constructivist theory.…”

Section: Nonarbitrarinessmentioning

confidence: 99%

The Authority and Interpretation of Regulations

Edgar

Stack

2019

Modern Law Review

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In the past half century, governments have increasingly relied on regulations—secondary legislation issued by administrative bodies and departments—to impose obligations on private parties, multiplying the occasions for regulatory interpretation. This article develops a theory of regulatory interpretation. It argues that such a theory involves understanding the authority of regulations. Turning to the public law of the UK, US, and Australia, this article identifies an intriguing similarity; in each case, regulations have authority when they rationally and nonarbitrarily implement delegated power within the means permitted by statute. The article then argues that this account of regulatory authority justifies a common approach to interpretation in which the object of interpretation is the purpose the regulation seeks to implement, discerned from the regulation's text and accompanying explanation of its purpose, and constrained by background legal norms.

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Section: Nonarbitrarinessmentioning

confidence: 99%

The Authority and Interpretation of Regulations

Edgar

Stack

2019

Modern Law Review

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Assessing portfolio vulnerability to systemic risk: a vine copula and APARCH-DCC approach

Mba

2024

Financ Innov

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This study evaluates the sensitivity and robustness of the systemic risk measure, Conditional Value-at-Risk (CoVaR), estimated using the vine copula and APARCH-DCC models. We compute the CoVaR for the two portfolios across five allocation strategies. The novel vine copula captures the complex dependence patterns and tail dynamics. The APARCH DCC incorporates volatility clustering, skewness, and kurtosis. The results reveal that the CoVaR estimates vary based on portfolio strategy, with higher values for the cryptocurrency portfolio. However, CoVaR appears relatively robust across strategies compared to ΔCoVaR. The cryptocurrency portfolio has a greater overall vulnerability. The findings demonstrate the value of CoVaR estimated via the vine copula and APARCH-DCC in assessing portfolio systemic risk. This advanced approach provides nuanced insights into strengthening risk management practices. Future research could explore the sensitivity of the CoVaR to different weighting schemes, such as equal versus market-weighted portfolios. Incorporating the Gram–Charlier expansion of normal density into the APARCH specification enables a nonparametric, data-driven fitting of the residual distribution. Furthermore, comparing the CoVaR to another systemic risk measure could provide further insights into its reliability as a systemic risk measure.

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Systemic Risk and the Future of Insurance Regulation

Cited by 2 publications

References 0 publications

The Authority and Interpretation of Regulations

The Authority and Interpretation of Regulations

Assessing portfolio vulnerability to systemic risk: a vine copula and APARCH-DCC approach

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