Policy-makers could use fraud patterns as economic indicator – paper
Positive relationship exists between bank fraud and the macroeconomy, Chicago Fed risk specialist finds
Policy-makers should use information gathered on fraud to augment policy before a crisis ensues, a paper published by the Journal of Operational Risk has suggested.
Written by Robert Stewart, operational risk specialist at the Federal Reserve Bank of Chicago, the paper highlights the historical role fraud has played in financial crises and suggests there is an empirical link between fraud and the macroeconomy.
"We will again see financial ‘innovation', boundless optimism and soaring asset prices
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