More NewsRBI Appoints Professor Sheri Markose for Financial Stability Advice

RBI Appoints Professor Sheri Markose for Financial Stability Advice

Reserve Bank of India (RBI) has appointed economist Professor Sheri Markose to provide expert guidance at the bank’s financial stability division on how to develop large-scale models that can monitor the build up of financial risk in India. This also includes the transition to an IT-based framework for systemic risk analysis.

Markose is due to visit the RBI next month to help set up the financial network based simulators for systemic risk analysis that she has developed at the University of Essex, where she is based in the Department of Economics.

Her appointment follows on from a series of talks and tutorials she gave at the RBI financial stability division on the need to take a new complexity perspective on how financial risk escalates and also on the need to harness ICT tools to automate financial data access in India.

Markose said: “The recent financial crisis has exposed the lack of modelling tools that can show the highly interconnected nature of financial firms and also how risk gets concentrated in a few hands. Traditional macro-econometric tools abstract away from such institutional and firm level interactions. Central banks the world over have recently begun to set up Financial Stability Boards and I am delighted to be able to help RBI with this.”

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