The Natixis risk perception index shows the increasing number of episodes of financial market dislocation

The Natixis risk perception index shows one episode of financial market dislocation (sharp increase in volatility, simultaneous fall in long-term interest rates and in stock market indices, rising risk premia) between 1995 and 2007 (at the time of the major emerging-country crisis), and four episodes o f financial market dislocation since 2008 (2008-2009, 2011, 2015-2016, late 2018). So financial market fragility has increased sharply, especially as no serious cause of this dislocation appeared during the last two episodes of financial market disloc ation. We will have to live with frequent and drastic fluctuations in financial asset prices triggered by secondary causes .