Systemic risk in financial services

Chan, K., Besar, D., Booth, P., Milne, A. and Pickles, J. 2011. Systemic risk in financial services. British Actuarial Journal. 16 (2), pp. 195-300. doi:10.1017/S1357321711000110

TitleSystemic risk in financial services
AuthorsChan, K., Besar, D., Booth, P., Milne, A. and 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.

JournalBritish Actuarial Journal
Journal citation16 (2), pp. 195-300
Year2011
PublisherInstitute and Faculty of Actuaries
Digital Object Identifier (DOI)doi:10.1017/S1357321711000110
Publication dates
Published25 Nov 2011

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