Złożoność globalnego systemu finansowego – nowe wyzwania dla banków centralnych
Complexity of the Global Financial System – Challenges Facing Central Banks

Summary/Abstract: The complexity of financial system structures has introduced new challenges for central banks in the area of assessing systemic risk and shaping global financial stability. The complex and uncertainty-driven nature of the recent financial crisis has revealed imperfections of knowledge on the part of regulators, including central banks. This imperfect knowledge relates to causality on global financial markets. Using Kuhn’s language, the economists have been able to identify the effects of events that caused the financial crisis. However, they are struggling to explain its causes. Thus, the financial crisis is also a crisis of cognition, as evidenced by the limited ability financial market participants had in perceiving risk, while regulatory institutions were facing obstacles in shaping market behaviour. In this context, a consistent policy of equipping contemporary central banks with macro-prudential policy tools could be an important change.

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