scholarly journals A Review of Micro-Based Systemic Risk Research from Multiple Perspectives

Entropy ◽  
2020 ◽  
Vol 22 (7) ◽  
pp. 711
Author(s):  
Xiao Bai ◽  
Huaping Sun ◽  
Shibao Lu ◽  
Farhad Taghizadeh-Hesary
Keyword(s):  
Financial Crisis ◽  
Systemic Risk ◽  
Research Direction ◽  
Research Literature ◽  
Multiple Perspectives ◽  
Systemic Risks ◽  
Risk Research ◽  
Current Events ◽  
Systematic Understanding ◽  
Definition Of

The Covid-19 pandemic has brought about a heavy impact on the world economy, which arouses growing concerns about potential systemic risk, taking place in countries and regions. At this critical moment, it makes sense to interpret the systemic risk from the perspective of the financial crisis framework. By combing the latest research on systemic risks, we may arrive at some precautions relating to the current events. This literature review verifies the origin of systemic risk research. By comparing the retrieved and screened systemic literature with the relevant research on the financial crisis, more focus on the micro-foundations of systemic risk has been discovered. Besides, the measurement methods of systemic risks and the introduction of interdisciplinary methods have made the research in this field particularly active. This paper synthesizes the previous research conclusions to find the appropriate definition of systemic risk and combs the research literature of systemic risk from two lines: Firstly, conducting the division according to the sub-branch fields within the financial discipline and the relevant interdisciplinary research methods, which is helpful for scholars within and outside the discipline to have a more systematic understanding of the research in this field. Secondly predicting the research direction that can be expanded in this field.

Lehren aus der Krise – Notwendige Änderungen der Finanzmarktregeln und zur Begrenzung systemischer Risiken

2009 ◽  
Vol 58 (3) ◽  
Author(s):  
Otmar Issing ◽  
Stephany Griffith-Jones ◽  
Stefano Pagliari ◽  
Claudia M. Buch ◽  
Katja Neugebauer
Keyword(s):  
Financial Crisis ◽  
Systemic Risk ◽  
Financial Stability ◽  
Market Failure ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Systemic Risks ◽  
State And Market ◽  
Bank For International Settlements ◽  
The International Monetary Fund

AbstractThe latest financial crisis has been caused by a mixture of state and market failure, argues Otmar Issing. To avoid future crises, more transparency is needed - not by gathering more information, but by gathering it systematically and thereby creating “intelligent transparency”. Furthermore, regulation has to be global, he states. The necessary institutions are in place: The International Monetary Fund, the Financial Stability Board and the Bank for International Settlements.Stephany Griffith-Jones and Stefano Pagliari point out, that containing “systemic risk” is one of the most important rationales for regulating financial markets. Our understanding of the sources of systemic risk has repeatedly been challenged by major episodes of financial instability. The crisis that started in the summer of 2007 has been no exception. They discuss how the latest global financial crisis urges analysts and regulators to rethink the origin of systemic risk beyond a narrow focus on the banking sector, beyond the “too big to fail problem”, and beyond a narrow micro-prudential focus. They focus on two regulatory principles: comprehensiveness and countercyclicality.Claudia Buch und Katja Neugebauer review the existing empirical evidence on whether the increase in cross-border activities has allowed banks to diversify risks and to what extent it has increased banks’ exposure to systemic risks.

Systemic Risk in Banking after the Great Financial Crisis

2019 ◽  
pp. 846-884
Author(s):  
Olivier De Bandt ◽  
Philipp Hartmann
Keyword(s):  
Financial Crisis ◽  
Conceptual Framework ◽  
Systemic Risk ◽  
Financial Crises ◽  
Empirical Literature ◽  
Aggregate Shocks ◽  
The Great Depression ◽  
Ex Post ◽  
Systemic Risks ◽  
Systemic Crisis

In this chapter we present a comprehensive review of systemic risk in banking, as the primary ingredient for understanding financial crises that have severe adverse effects on the macroeconomy (such as the Great Depression or the recent Great Financial Crisis). The first part of the chapter develops a conceptual framework that distinguishes three main forms of systemic risk: contagion, aggregate shocks, and the endogenous build-up and unraveling of widespread financial imbalances (such as credit booms leading to debt overhangs). Ex ante (preventive) policies, notably macroprudential regulation and supervision, and ex post (crisis management and resolution) policies to contain systemic risks and financial crises are also discussed. The second and third parts of the chapter review the existing theoretical and empirical literature about systemic risk, using the previously described conceptual framework and making reference to features of the systemic crisis that started in the summer of 2007.

scholarly journals Knowledge payment research: status quo and key issues

2019 ◽  
Vol 3 (2) ◽  
pp. 117-137 ◽  
Author(s):  
Tuotuo Qi ◽  
Tianmei Wang ◽  
Yanlin Ma ◽  
Xinxue Zhou
Keyword(s):  
Academic Research ◽  
Research Direction ◽  
Research Literature ◽  
Bibliographic Databases ◽  
Research Topics ◽  
Research Issues ◽  
Content Type ◽  
Provider Knowledge ◽  
Key Issues ◽  
Definition Of

Purpose Knowledge sharing has entered the stage of knowledge payment with the typical models of paid Q&A, live session, paid subscription, course column and community service. Numerous knowledge suppliers have begun to pour into the knowledge payment market, and users' willingness to pay for premium content has increased. However, the academic research on knowledge payment has just begun. Design/methodology/approach In this paper, the authors searched several bibliographic databases using keywords such as “knowledge payment”, “paid Q&A”, “pay for answer”, “social Q&A”, “paywall” and “online health consultation” and selected papers from aspects of research scenes, research topics, etc. Finally, a total of 116 articles were identified for combing studies. Findings This study found that in the early research, scholars paid attention to the definition of knowledge payment concept and the discrimination of typical models. With the continuous enrichment of research literature, the research direction has gradually been refined into three main branches from the perspective of research objects, i.e. knowledge provider, knowledge demander and knowledge payment platform. Originality/value This paper focuses on discussing and sorting out the key research issues from these three research genres. Finally, the authors found out conflicting and contradictory research results and research gaps in the existing research and then put forward the urgent research topics.

scholarly journals To bail out or not to bail out systemically relevant financial institutions: The incentives of policy makers

2012 ◽  
Vol 1 (4) ◽  
pp. 88-93
Author(s):  
Lucas Marc Fuhrer
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Risk Averse ◽  
Clear Definition ◽  
Policy Makers ◽  
Systemic Risks ◽  
Recent Financial Crisis ◽  
Definition Of ◽  
Bail Out

The recent financial crisis has shown that many financial institutions may be systemically relevant. Their bankruptcy would cause significant costs for the overall economy. However, a clear definition of systemic risks still does not exist. Thus, the decision, whether an institution is, or is not systemically relevant is in the end made by policy makers. This paper takes a closer look at the incentives available to policy makers and their influence on the bailout decision. In the model presented here it is possible to show, that too many financial institutions get bailed out, when assuming that policy makers tend to be more risk-averse than socially optimal. The costs due to this misallocation of resources can be significant.

scholarly journals Measuring the systemic risk in the South African banking sector

2017 ◽  
Vol 20 (1) ◽  
Author(s):  
Gregory M. Foggitt ◽  
Andre Heymans ◽  
Gary W. Van Vuuren ◽  
Anmar Pretorius
Keyword(s):  
Financial Crisis ◽  
South African ◽  
Systemic Risk ◽  
Banking Sector ◽  
Risk Index ◽  
Financial Sector ◽  
Ethical Behaviour ◽  
The South ◽  
Case Scenario ◽  
Worst Case

Background: In the aftermath of the sub-prime crisis, systemic risk has become a greater priority for regulators, with the National Treasury (2011) stating that regulators should proactively monitor changes in systemic risk.Aim: The aim is to quantify systemic risk as the capital shortfall an institution is likely to experience, conditional to the entire financial sector being undercapitalised.Setting: We measure the systemic risk index (SRISK) of the South African (SA) banking sector between 2001 and 2013.Methods: Systemic risk is measured with the SRISK.Results: Although the results indicated only moderate systemic risk in the SA financial sector over this period, there were significant spikes in the levels of systemic risk during periods of financial turmoil in other countries. Especially the stock market crash in 2002 and the subprime crisis in 2008. Based on our results, the largest contributor to systemic risk during quiet periods was Investec, the bank in our sample which had the lowest market capitalisation. However, during periods of financial turmoil, the contributions of other larger banks increased markedly.Conclusion: The implication of these spikes is that systemic risk levels may also be highly dependent on external economic factors, in addition to internal banking characteristics. The results indicate that the economic fundamentals of SA itself seem to have little effect on the amount of systemic risk present in the financial sector. A more significant relationship seems to exist with the stability of the financial sectors in foreign countries. The implication therefore is that complying with individual banking regulations, such as Basel, and corporate governance regulations promoting ethical behaviour, such as King III, may not be adequate. It is therefore proposed that banks should always have sufficient capital reserves in order to mitigate the effects of a financial crisis in a foreign country. The use of worst-case scenario analyses (such as those in this study) could aid in determining exactly how much capital banks could need in order to be considered sufficiently capitalised during a financial crisis, and therefore safe from systemic risk.

Political discourse in translation

2009 ◽  
Vol 4 (1) ◽  
pp. 1-30 ◽  
Author(s):  
Anna Romagnuolo
Keyword(s):  
Political Discourse ◽  
Rhetorical Criticism ◽  
Presidential Rhetoric ◽  
Research Literature ◽  
Translation Strategies ◽  
Parallel Corpora ◽  
Language For Specific Purposes ◽  
Presidential Speech ◽  
The Subject ◽  
Definition Of

Political discourse has been the subject of increasing interest in recent decades with the development of ideological and rhetorical criticism focusing on US presidential speeches, especially after the events of 9/11. Indeed, extensive research literature already exists in the field of American presidential rhetoric. The same cannot be said for studies of political texts available in translation. Currently, translation studies seems to be more concerned with the politics and the politicization of translation than with the translation of political texts, which have been examined more from a synchronic perspective than a diachronic one. Using a diachronic parallel corpora of Italian translations (published in books and newspapers) of a specific genre of US presidential speech, the inaugural address, this study highlights recurring translation strategies as well as problems, related to culture-bound and value-laden political terms, style, and phraseology. This research also seeks to contribute to the definition of political language as a language for specific purposes.

scholarly journals Academic capitalism and the entrepreneurial university: some perspectives from the Americas

Roteiro ◽  
2018 ◽  
Vol 43 (1) ◽  
pp. 21-42 ◽  
Author(s):  
Patrícia Somers ◽  
Cory Davis ◽  
Jessica Fry ◽  
Lisa Jasinski ◽  
Elida Lee
Keyword(s):  
Higher Education ◽  
Latin America ◽  
Financial Crisis ◽  
Academic Capitalism ◽  
Research Literature ◽  
Faculty Members ◽  
Entrepreneurial University ◽  
Bottom Line ◽  
Business Partners ◽  
The World

Since the Worldwide Financial Crisis of 2008, higher education institutions around the world have been forced to change their financial practices to focus on the bottom line. One such approach is academic capitalism, the heart of which is the entrepreneurial university which views faculty members as producers of capital (not educators), students as consumers (not learners), and business/industry, accreditors, and NGOs as valued business partners. This article defines academic capitalism, reviews the research literature, presents perspectives of academic capitalism in the Americas and discusses the implications of academic capitalism for Latin America. The article ends using anthropophagi to assess what is useful about academic capitalism for Brazil.

scholarly journals MINORITY. THE MINOR-VICTIM AND THE MINOR-OFFENDER

2020 ◽  
Vol 15 (3-4) ◽  
pp. 17-30
Author(s):  
Diana GRUMEZA ◽  
Keyword(s):  
Sexual Behaviour ◽  
Research Literature ◽  
Chronological Age ◽  
Common Language ◽  
Limit Set ◽  
International Level ◽  
Rights Of The Child ◽  
Definition Of ◽  
Age Of Majority ◽  
Intention To Change

Research literature notes differently the time of the minority as compared to the time when the minor gives its assumed consent for sexual intercourse, in the latter case, the age in some jurisdictions being of 16 years old.( Taylor, Quayle,( 2003), : 3). At the international level, there was also the intention to change the biological age with the age that the minor seems to have, but the difficulties deriving from establishing an age that the minor has only apparently determined the maintenance of the chronological age as a criterion for establishing the minority, and implicitly, the existence of the crime. Particular attention is paid to adolescents, who are minors between the ages of 13 and 17. According to the UN Convention on the Rights of the Child (S.1), “child means any human being under the age of 18 (…).” However, the UN Convention leaves the states to determine alone the age of majority, which may be below or above the limit set by the Convention. That is why we find different ages worldwide for determining adulthood. In common language, the concepts of "pornography" and "obscenity" are substantially equal. However, pornography involving minors does not necessarily mean obscene behaviour, it can represent explicit, lewd or suggestive sexual behaviour Starting from the definition of the minor in the UN Convention on the Rights of the Child, we go beyond the multiple discussions in the research literature on the minority, the term "minor" being considered too imprecise, impliying both the criminal and civil minority. Criminologically speaking, the necessary distinction is made between child - adolescent - adult - elderly. So, both the child and adolescent are subsumed to the concept of minor. We also note that the minority can be a characteristic of the victim, but also of the offender.

scholarly journals Banks behavior patterns as a response to the population financial activity in the macroeconomic shocks in Russia

2021 ◽  
Vol 50 (2) ◽  
pp. 74-95
Author(s):  
Yu.S. Evlakhova ◽  
◽  
E.N. Alifanova ◽  
A.A. Tregubova ◽  
◽  
...  
Keyword(s):  
Systemic Risk ◽  
Banking Sector ◽  
Behavior Pattern ◽  
Behavior Patterns ◽  
Economic Shocks ◽  
Macroeconomic Shocks ◽  
Financial Activity ◽  
Risk Research ◽  
Systemically Important Banks

This paper finds out the behavior patterns of the Russian banking sector and systemically important banks in response to changes in the population financial activity under the economic shocks. The results show that the Russian banking sector has a behavior pattern that includes the sequence of actions: the outflow of deposits — vulnerability to non-repayment of loans — deposit bubble — credit bubble. We find no consistent evidence that systemically important banks show the same sequence of actions during the crises. We also find that the banking sector behavior and systemically important banks’ behavior varied in 2008–2009, but became the same in the crisis of 2014–2015. The coincidence of behavior patterns of the banking sector and systemically important banks increases the systemic risk. Research on intragroup differences between systemically important banks will allow finding solutions to reduce the risk.

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