What Is Systemic Risk?
指出传统将风险视为个体风险之和的观点不足，强调金融机构和市场互动决定系统性风险，并识别出四种类型：恐慌、资产价格下跌引发的银行危机、传染以及银行体系的外汇错配。
The traditional view of risk in a financial system is that it is the summation of individual risks within the system. However, the financial crisis that started in 2007 has driven home that this view of risk is inadequate. It is the interactions of financial institutions and markets that determine the systemic risks that drive financial crises. We identify four types of systemic risk. These are (i) panics—banking crises due to multiple equilibria; (ii) banking crises due to asset price falls; (iii) contagion; and (iv) foreign exchange mismatches in the banking system.