What Is Systemic Risk Today ?

  title={What Is Systemic Risk Today ?},
  author={Oliver De Bandt and Philipp Hartmann},
This paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial crises. It is claimed that any such concept must integrate systemic events in banking and financial markets as well as in the related payment and settlement systems. At the heart of systemic risk are contagion effects, various forms of external effects. The concept also includes financial instabilities in response to aggregate shocks. The quantitative literature studying systemic… CONTINUE READING


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