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Practice paper

Where is the ‘system’ in systemic risk literature?

Shaun M. Brady and Richard Markeloff
Journal of Risk Management in Financial Institutions, 6 (1), 54-66 (2013)
https://doi.org/10.69554/YSQS6987

Abstract

An automated content analysis of a sample of 65 articles pertaining to the financial system that include the term ‘Systemic Risk’ in their title indicates that there is no consensus on how to define, identify and monitor systemic risk to the financial system. The articles as a whole do not take a systems view in their analyses and proposals, indicating the discipline lacks a useful paradigm. For example, the literature sample primarily addresses the individual system components and how they might be prevented from jeopardising the financial system versus a more forward looking view of what changes to the overall system might make it more resilient. Consequently, policy prescriptions or recommendations based on the existing literature may be too narrowly and institutionally focused to capture the broader requirements necessary for ensuring the sustainability of the financial system. This implies that there is a need for a cross-disciplinary group of regulatory, academic and industry stakeholders focused on supporting the development of a systemic risk discipline. A brief survey of published approaches to modelling systemic risk in the financial system adds depth to the automated content analysis and provides a small example of the ongoing debates.

Keywords: systemic risk; macroprudential risk; risk management; risk models; contagion; financial crisis

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Author's Biography

Shaun M. Brady received his BSc in International Finance from San Francisco State University in 1980, and his Masters in MIS (1992) and Doctorate (2010) from the University of Maryland. He spent the majority of his career supporting risk management related initiatives in the financial sector, and is currently a Principal in MITRE’s Financial Integrity Division.

Richard Markeloff received his BS in Engineering Physics from Cornell University in 1978 and his PhD in Physics from the University of Wisconsin – Madison in 1992. He began his career in experimental high energy physics and is currently a Lead Engineer at MITRE involved in the development of a variety of technologies for government sponsors.

Citation

Brady, Shaun M. and Markeloff, Richard (2013, January 1). Where is the ‘system’ in systemic risk literature?. In the Journal of Risk Management in Financial Institutions, Volume 6, Issue 1. https://doi.org/10.69554/YSQS6987.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 6 / Issue 1
© Henry Stewart
Publications LLP

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