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Systemic Risk: The Dynamics of Modern Financial Systems

Author

Listed:
  • Gai, Prasanna

    (Professor of Macroeconomics, University of Auckland)

Abstract
This book opens new ground in the study of financial crises. It treats the financial system as a complex adaptive system and shows how lessons from network disciplines - such as ecology, epidemiology, and statistical mechanics - shed light on our understanding of financial stability. Using tools from network theory and economics, it suggests that financial systems are robust-yet-fragile, with knife-edge properties that are greatly exacerbated by the hoarding of funds and the fire sale of assets by banks. The book studies the damaging network consequences of the failure of large inter-connected institutions, explains how key funding markets can seize up across the entire financial system, and shows how the pursuit of secured finance by banks in the wake of the global financial crisis can generate systemic risks. The insights are then used to model banking systems calibrated to data to illustrate how financial sector regulators are beginning to quantify financial system stress. Contributors to this volume - Hyun Song Shin

Suggested Citation

  • Gai, Prasanna, 2013. "Systemic Risk: The Dynamics of Modern Financial Systems," OUP Catalogue, Oxford University Press, number 9780199544493.
    • Handle: RePEc:oxp:obooks:9780199544493
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    Cited by:

    1. Smaga, Pawel, 2014. "The concept of systemic risk," LSE Research Online Documents on Economics 61214, London School of Economics and Political Science, LSE Library.
    2. Ros, Greg, 2020. "The making of a cyber crash: a conceptual model for systemic risk in the financial sector," ESRB Occasional Paper Series 16, European Systemic Risk Board.
    3. Javier Sánchez García & Salvador Cruz Rambaud, 2024. "The network econometrics of financial concentration," Review of Managerial Science, Springer, vol. 18(7), pages 2007-2045, July.
    4. Zigrand, Jean-Pierre, 2014. "Systems and systemic risk in finance and economics," LSE Research Online Documents on Economics 61220, London School of Economics and Political Science, LSE Library.
    5. Kotlicki, Artur & Austin, Andrea & Humphry, David & Burnett, Hanna & Ridgill, Philip & Smith, Sam, 2023. "Network analysis of the UK reinsurance market," Bank of England working papers 1000, Bank of England.
    6. Safarzyńska, Karolina & van den Bergh, Jeroen C.J.M., 2017. "Integrated crisis-energy policy: Macro-evolutionary modelling of technology, finance and energy interactions," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 119-137.
    7. Umut Akovali, 2020. "Beyond Connectedness: A Covariance Decomposition based Network Risk Model," Koç University-TUSIAD Economic Research Forum Working Papers 2003, Koc University-TUSIAD Economic Research Forum.
    8. Cristina Ruza & Marta de la Cuesta-González & Juandiego Paredes-Gazquez, 2019. "Banking system resilience: an empirical appraisal," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 46(6), pages 1241-1257, October.
    9. Iraklis Apergis & Nicholas Apergis, 2022. "Climate factor and banks’ resilience: Evidence from US banks," Economics and Business Letters, Oviedo University Press, vol. 11(4), pages 143-149.

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