Istota ryzyka systemowego
The Concept of Systemic Risk

Summary/Abstract: The aim of this article is to study the nature of systemic risk in the context of the financial crisis. It analyzes definitions of systemic risk and possible forms of its materialization, and then identifies factors contributing to the development of systemic risk and its spreading through contagion. Finally, it presents a conceptual model of systemic risk, combining all aspects of this phenomenon. Applied research methods include: literature review, comparative method and deduction. In the literature it is often emphasized that systemic risk relates to a substantial part of the financial system or significant number of financial institutions and it disrupts the proper functioning of the financial system. The author defines strong enough to spread on a scale which would disrupt the functioning of the financial system and adversely affect the real economy. Systemic risk is characterized by ever-changing, multidimensional and both endo- and exogenous nature. It spreads through contagion not only among financial institutions, but also between the financial system and the real economy. The study leads to the conclusion that there are time and cross-sectional dimensions of systemic risk concept, and that contagion is an inherent element of it, through which it materializes and spreads. The scale of risks arising from systemic risk justifies mitigating it by the financial safety net.

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