Multimedialne seminarium z ekono- i socjofizyki

This presentation aims to explain the nature of systemic risk in the context of global financial crisis. Analysed are aspects of systemic risk, its dimensions (time and cross-section), possible triggers and forms of its materialization. Systemic risk is the risk that a shock will result in the materialization of imbalances, which will be strong enough to disrupt the functioning of the financial system with material and adverse effects to the real economy. Objective of systemic risk analysis is to identify factors contributing to its build-up and spreading through contagion. Measuring systemic risk is challenging and there is no universal measure of this phenomenon. Basic methods include financial stability indicators, aggregated indexes, stress tests, modelling etc. Safety nets on both national and pan-European levels, especially macroprudential supervisors, are responsible for prevention and mitigation of systemic risk. The institutional framework of macroprudential supervision is in early stages of development. There are also many uncertainties concerning the effectiveness of macroprudential tools aimed at specific sources of systemic risk and strengthening the resilience of the financial system. Therefore managing systemic risk remains “a work in progress”.