This paper develops a financial stress measure for the United States, the Cleveland
Financial Stress Index (CFSI). The index is based on publicly available data describing a six …

This paper develops an extended financial stress measure that considers the supervisory
objective of identifying risks to the stability of the financial system. The measure provides a …

A review of financial system stress measures reveals not only the absence of theory on
financial stress, but also the absence of search for theory. To remedy this gap, this study …