BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Zieliński Tomasz (University of Economics in Katowice, Poland)
Financial Networks as a Source of Systemic Instability
e-Finanse, 2016, vol. 12, nr 3, s. 59-68, bibliogr. s. 68
Słowa kluczowe
Ryzyko systemowe, System finansowy, Powiązania sieciowe
Systemic risk, Financial system, Network relationships
Systemic risk is a fundamental constituent of contemporary financial systems. For the past decades a growing number of abrupt upsets in financial systems could be observed. Due to previous experiences, politicians and regulators prefer to identify the offenders outside the system or to blame one of the entities inside the system. However, nowadays many disasters in anthropogenic systems cannot be perceived that way. They are often results of inappropriate interactions rather than external or internal impulses. This requires a paradigm shift in thinking about systemic risk. A component-oriented perspective should be nowadays replaced with a network-oriented view. Closer insight into the concept of systemic risk can refer to the model of the system composed of a huge number of interconnected components. In such a system, systemic risk is usually considered to have a 'cascading', 'domino' or 'contagion' effect, resulting from strong connections. An initial failure could have disastrous effects and cause extreme damage as the number of network nodes goes to infinity. Strongly interconnected, complex dynamic systems cannot be understood by the simple sum of their components' properties, in contrast to loosely coupled systems. What makes the behaviour of complex financial systems particularly unpredictable is that systemic failures may occur even if everybody involved is highly skilled, highly motivated and behaving properly. (original abstract)
Pełny tekst
  1. Acemoglu, D., Ozdaglar, A., Tahbaz-Salehi, A. (2015). Systemic Risk and Stability in Financial Networks. American Economic Review, 105(2), 564-608.
  2. Acharya, V. (2009). Some Steps in the Right Direction: A Critical Assessment of the Larosiere Report.
  3. Allen, F., Babus, A. (2008, March 10). Networks in Finance.
  4. Benson, C., Michaels, D. (2013, December 11). Banks' World Under Dodd-Frank Takes Shape With Volcker Rule, Bloomberg.
  5. New York Times (2011). Bogaci i reszta - jeden procent kontra 99 procent, Forum, nr 42, 17-23.10.2011.
  6. BBC News (2003, March 4). Buffett Warns on Investment 'Time Bomb'. Retrieved from: hi/2817995.stm.
  7. Carr, A. (1996, January/February). Distinguishing Systemic from Systematic. TechTrends.
  8. Corrigan, E.G (1987). Financial Market Structure: A Longer View. Federal Reserve Bank of New York.
  9. Financial Networks Key to Understanding Syste mic Risk (2014, May 28). IMF Survey Magazine. Retrieved from: http://
  10. Gandi, S.J., Gorod, A., Ho№auer, G., Ireland, V., Sauser, B., White, B.E. (2015). A Systemic Risk Management Framework for System of Systems (SOS), Challenges, Research and Perspectives - Trust in Social, Economic and Financial Relations, Uni-Edition.
  11. Georg, P., Minoiu, C. (2014). Seven Questions of Financial Interconnectedness. Q&A, IMF Research Bulletin.
  12. Greenspan, A. (2008, March 16). We will Never have a Perfect Model of Risk. Financial Times.
  13. Haldane, A.G. (2009, April). Rethinking the Financial Network, Speech Delivered at the Financial Student Association, Amsterdam.
  14. Hartley, J.E. (1997). The Representative Agent in Macroeconomics. London, New York: Routledge.
  15. Helbing, D. (2013, May 2). Globally Networked Risks and how to Respond, Perspective. Doi:10.1038/nature12047, Nature, Vol. 497.
  16. Hennessy, P., letter to HM Queen (2009, 22 July). The Global Financial Crisis - Why Didn't Anybody Notice? British Academy Forum, 17 June.
  17. Hull, J.C. (2009) cyt za: Tapscott, R., Tapscott, D. (2009). Overcoming the Current Financial Crisis and Restoring Stability and Prosperity with a New Perspective on Risk. Risk Management 2.0 (2008, September 22): 1-18. Web.
  18. Maier, M. (2012). System of Systems. Retrieved from:
  19. May, R.M. (2006). Network Structure and the Biology of Populations. Trends in Ecology and Evolution. Vol. 27, No. 7.
  20. Minoiu, C., Sharma, S. (2014, May 28). Financial Networks Key to Understanding SystemicRisk, IMF Survey Magazine. Retrieved from:
  21. Pritsker, M. (2000, 11 August). The Channels for Financial Contagion.
  22. Tapscott, D., Williams, A.D. (2011). Makrowikinomia - Reset świata i biznesu. Warszawa: Studio Emka, s.65.
  23. Tapscott, R., Tapscott, D. (2009). Overcoming the Current Financial Crisis and Restoring Stability and Prosperity with a New Perspective on Risk. Risk Management 2.0 (2008, September 22): 1-18. Web.
  24. Tofler, A. (1997). Trzecia fala. Warszawa: PIW.
  25. Wancer, J., Dziekoński, P. (2011, October 3). Nowe modele, czy powrót do tradycyjnej bankowości, Gazeta Bankowa.
  26. Wojtyna, A. (2001, January 29). Nowa ekonomia i nowe prawa. Gazeta Bankowa.
  27. Zieliński, T. (2013). "Zarażenie finansowe" źródłem ryzyka systemowego. In: I Pyka, J. Cichy (Ed.), Innowacje w bankowości i finansach. T.1 (pp.129-140). Katowice: Zeszyty Naukowe Wydziałowe Uniwersytetu Ekonomicznego w Katowicach, Studia Ekonomiczne.
  28. Zieliński, T. (2014). Niejednoznaczność wpływu regulacji bazylejskich na bank jako instytucję zaufania publicznego. In: M. Capiga, G. Szustak, (Ed), Zarządzanie instytucjami finansowymi w niestabilnym otoczeniu gospodarczym (pp. 3149). Katowice: Uniwersytet Ekonomiczny w Katowicach, Studia Ekonomiczne - Nr 171.
  29. Zieliński, T. (2014). Testy warunków skrajnych w ocenie adekwatności kapitałowej banku. In: I Pyka, J. Cichy (Ed.), Innowacje, a wzrost gospodarczy (pp. 304-320). Katowice: Uniwersytet Ekonomiczny w Katowicach, Studia Ekonomiczne - Nr 186, Part. 1
Cytowane przez
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu