Good morning. It is a pleasure for me and for the Central Bank of Chile to be hosting the Fourth Annual Fall Conference of the International Journal of Central Banking. Since its beginnings, this conference has gathered distinguished academics, policymakers, and researchers from global universities and central banks to listen to new research and have an open discussion on topics of interest for...

This special issue on Financial Networks consists of a selected collection of eight stateof-the-art papers advancing the frontiers of financial network modeling, analysis, and computations from both theoretical and empirical perspectives by authors from academia and financial services firms who responded to a call for papers in this journal. The growing resurgent interest in this topic is motiv...

We have introduced an early warning system for volatility regimes regarding Tehran Stock Exchange using Markov Switching GARCH approach. We have examined whether Tehran Stock Market has calmed down or more specifically, whether the surge in volatility during 2007-2010 global financial crises still affects stock return volatility in Iran.  Doing so, we have used a regime switching GARCH model.  ...

In 1997 the New Labour government launched major initiatives in the area of financial regulation, consolidating regulation under a new Financial Services Authority and enacting new legislation that was proclaimed to be ‘light-touch’ and yet comprehensive. The new regime, widely admired in its initial years, came to be severely tested by the events of global financial crisis that started in 2007...

The global financial crisis of 2008–12 prompted a renewal of both analytical thinking and policy practices regarding the interaction and mutual comple­ mentarity between monetary and prudential regulatory policies, given the simul­ taneous objectives of macroeconomic and financial stability. Many of these issues were present before the global financial crisis but have been thoroughly revisited ...

The recent financial crisis poses the challenge to understand how systemic risk arises endogenously and what architecture can make the financial system more resilient to global crises. This paper shows that a financial network can be most resilient for intermediate levels of risk diversification, and not when this is maximal, as generally thought so far. This finding holds in the presence of th...