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Systemic risks in the new economy


Natalyya Kaurova
(about the author)

Kaurova Natalyya Nikolaevna – Phd, associate professor of chair the Financial management, Finance Academy under the Government of the Russian Federation; Head of Promotion and Sales of the Department of corporate clients and small businesses, Sberbank of Russia

Published in:
Russian Journal of Innovation Economics
– № 8 (8) / 2011



Keywords: crises, dynamics, management, networks, systemic risk


Citation:
Natalyya Kaurova (2011). Systemic risks in the new economy. Russian Journal of Innovation Economics, 1(8), 3-9. — url: http://bgscience.ru/com/lib/5076


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Abstract:

We raised quite important issue, which is one of the fundamental causes of the unstable dynamics of the global economy — the systemic risk. An attempt is made on the basis of complexity theory, system dynamics and self-organized criticality, find an explanation for natural evolution of complex systems to the breaking point. In this connection we need to change the concept of systemic risk, taking into account the microscopic properties of the global financial and nonfinancial systems. Particular attention is drawn to the lack of attention to such widely recognized as the threat of systemic risk in Russia.








References:
1. Group of Ten «Report on consolidation in the financial sector», January 2001, http://www.imf.org/external/np/g10/2001/01/eng/pdf/file1.pdf
2. Kaufman G.G. and Scott K.E. «What Is Systemic Risk, and Do Bank Regulators Retard or Contribute to It?» The Independent Review, v. VII, n. 3, 2003, pp. 371– 391.
3. Hendricks, Darryll (2009). Defining Systemic Risk. The Pew Financial Reform Project. Briefing Paper # 1.
4. European Central Bank, 2004, Annual Report: 2004, ECB, Frankfurt, Glossary.
5. Recent advances in modeling systemic risk using network analysis, European central bank, 2010; Rodney J Garratt, Lavan Mahadeva and Katsiaryna Svirydzenka, Mapping systemic risk in the international banking network, Bank of England, Working Paper No. 413, March 2011.
6. International Monetary Fund, Bank for International Settlements, Financial Stability Board (2009), Report to G20 Finance Ministers and Governors. Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations. Briefing Paper for the G20 Finance Ministers and Central Bank Governors.
7. European Central Bank, 2009. The concept of systemic risk. Special Feature in the December Financial Stability Report.
8. The Financial Secretary to the Treasury by Command of Her Majesty (2011). A new approach to financial regulation: building a stronger system. http://www.hm-treasury.gov.uk/d/consult_newfinancial_regulation170211.pdf
9. Jan Lorenz, Stefano Battiston, Frank Schweitzer «Systemic Risk in a Unifying Framework for Cascading Processes on Networks», European Physical Journal B, vol. 71, no. 4 (2009). P. 441–460.

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