Now, obviously over shorter periods of time systemic events impact prices and investors may temporarily feel that one region is much riskier than another.
If these products that got to be so large can have that much impact on systemic risk in the U.S. financial system, I think the dealers have to accept that central clearing and some transparency is a price of wanting to be in those businesses.
As interest in this concept exploded, my co-author Jed Emerson and I thought it timely to write a book that could both serve as an introduction to this concept and also identify the systemic challenges we must overcome to enable impact investing to reach its potential.