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Systemic Risk in Financial Services

Author

Listed:
  • Besar, D.
  • Booth, P.
  • Chan, K. K.
  • Milne, A. K. L.
  • Pickles, J.

Abstract

The current banking crisis has reminded us of how risks materialising in one part of the financial system can have a widespread impact, affecting other financial markets and institutions and the broader economy. This paper, prepared on behalf of the Actuarial Profession, examines how such events have an impact on the entire financial system and explores whether such disturbances may arise within the insurance and pensions sectors as well as within banking. The paper seeks to provide an overview of a number of banking and other financial crises which have occurred in the past, illustrated by four case studies. It discusses what constitutes a systemic event and what distinguishes it from a large aggregate system wide shock. Finally, it discusses how policy-makers can respond to the risk of such systemic financial failures.

Suggested Citation

  • Besar, D. & Booth, P. & Chan, K. K. & Milne, A. K. L. & Pickles, J., 2011. "Systemic Risk in Financial Services," British Actuarial Journal, Cambridge University Press, vol. 16(2), pages 195-300, November.
    • Handle: RePEc:cup:bracjl:v:16:y:2011:i:02:p:195-300_00
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    Cited by:

    1. George Economides & Apostolis Philippopoulos & Petros Varthalitis, 2016. "Monetary Union, Even Higher Integration, or Back to National Currencies?," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 232-255.
    2. Alistair Milne, 2009. "Macroprudential policy: what can it achieve?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(4), pages 608-629, Winter.
    3. Abedifar, Pejman & Hasan, Iftekhar & Tarazi, Amine, 2016. "Finance-growth nexus and dual-banking systems: Relative importance of Islamic banks," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 198-215.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison," American Economic Review, American Economic Association, vol. 98(2), pages 339-344, May.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Is the 2007 US Sub-Prime Financial Crisis So Different?: An International Historical Comparison," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(3), pages 291-299.
    6. David Blake, 2022. "The Great Game Will Never End: Why the Global Financial Crisis Is Bound to Be Repeated," JRFM, MDPI, vol. 15(6), pages 1-61, May.
    7. Dragan Miodrag Momirovic, 2012. "New Architecture Of Global Financial Supervision-Macroprudential Oversight," EuroEconomica, Danubius University of Galati, issue 2(31), pages 88-107, May.
    8. Alistair Milne, 2010. "Macro-Prudential Policy: An Assessment," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 8(01), pages 28-33, April.
    9. Meng, Qiang & Wang, Shuaian, 2011. "Optimal operating strategy for a long-haul liner service route," European Journal of Operational Research, Elsevier, vol. 215(1), pages 105-114, November.
    10. Alistair Milne, 2010. "Macro-Prudential Policy: An Assessment," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 8(1), pages 28-33, 04.
    11. Perisa Ivanovic & Zoran Grubisic & Nikola Fabris, 2011. "Policies Aa a Result of Global Credit Boom in SEE Countries," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 22, pages 355-374, Institute of Economic Sciences.
    12. Zoran Grubisic & Perisa Ivanovic, 2012. "Influence of different monetary regimes on financial stability in see countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 1(1), pages 91-106.
    13. repec:ces:ifodic:v:8:y:2010:i:1:p:14566892 is not listed on IDEAS

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