Ryzyko systemowe – cecha współczesnych rynków finansowych
Systemic Risk As An Inherent Feature of Modern Financial Markets

Summary/Abstract: The risk inherent to the financial systems is hard to define, therefore this article aims to review and unify selected definitions of systemic risk. The paper assumes the following definition: it is the risk of a system event (economic shock), i.e. collapse of institution or market, causing the financial system or its substantial part (e.g., country, region) to face a real and immediate danger of collapse or significant losses for financial institutions, with the probability of losses for the real economy. The article applies this definition to the recent financial crisis of 2007–2009.

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