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Financial innovations as source of generating of systemic risk (Innowacje finansowe jako zrodlo generowania ryzyka systemowego)

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  • Renata Karkowska

    (Zaklad Ubezpieczen Rynkow Kapitalowych, Katedra Systemów Finansowych Gospodarki, Wydzial Zarzadzania Uniwersytetu Warszawskiego)

Abstract

The purpose of the article is research of systemic risk reasons. The author underlines, that the discovery of market mechanism of evoking systemic risk is important in the whole scale of the economy, nevertheless, this is a very hard task. Finding the reasons of growth of system risk in the last years should be the helpful source of creating the early warning system in the moment of requirement to stabilize financial market. The present article is a review of problems with factors of increase of financial instability. The author remarks that the causative factors of generating systemic risk are financial innovations, which are not subject to proper control. These problems have been preceded by the systemic risk theory review, and advanced by the characteristic of financial innovations taking into particular consideration their results for the financial system of economy.

Suggested Citation

  • Renata Karkowska, 2011. "Financial innovations as source of generating of systemic risk (Innowacje finansowe jako zrodlo generowania ryzyka systemowego)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 9(34), pages 150-164.
    • Handle: RePEc:sgm:pzwzuw:v:9:i:34:y:2011:p:150-164
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    References listed on IDEAS

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    1. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    2. Franklin Allen & Douglas Gale, 2001. "Comparative Financial Systems: A Survey," Center for Financial Institutions Working Papers 01-15, Wharton School Center for Financial Institutions, University of Pennsylvania.
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