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The need for a normative theory of systemic risk: practical applications

Researcher: Professor Jay Cullen

This project, funded by the National Institute for Economic and Social Research under their ‘Rebuilding Macroeconomics’ research theme, asks how normative principles derived from civic republican political theory, could be embodied in the design and execution of regulatory instruments for governing and managing systemic financial risk, as part of a new macroeconomic social contract between market players, public authorities and the population at large. It involves five researchers, from both the UK and US.