Policy-makers could use fraud patterns as economic indicator – paper

Chicago Fed paper highlights the importance of fraud data in preventing financial crises

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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