Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
VladislavPavlat
UniversityofFinanceandAdministration,Prague,CzechRepublic
RE-SHAPINGTHEGLOBALFINANCIAL
ARCHITECTURE:DUALSIFIS’ROLE
Introduction
Theaimofthepaperistodiscusstheemergingtheoryofsystemicallyim-
portantfinancialinstitutions(SIFIs),andtherolethesebigentitiesareplaying.
Theauthorbrieflydescribesthegraduallyprocessofdefiningthecrucialcon-
cepts:"systemicrisk”and"systemicallyimportance”whichenablestofind
afeasiblewayofSIFIs’measurementandSIFIs’selection.Thenasetofregula-
torymeasuresonSIFIsinpreparation(withintheframeworkoftheBaselIII)
ispresentedandthedualroleofSIFIsisdefined.
1.SystemicRisk
Thebigfinancialcompaniesareconsideredtobe„significant”,iftheyare
abletoinfluencethestateofasystem–anindustrialbranch,nationaleconomy
orinternationaleconomy.Theactivityofanycompanyisconnectedwithcertain
risks;ifthecompanyisunabletomanageitsrisks,itwill–soonerorlater–fail.
Systemicallyimportantinstitutionscannotbedefinedwithouthavingadefinition
ofasystemicrisk.
Sincethebeginningofthe21stcentury,manydifferentdefinitionsand/or
characteristicsofsystemicriskcanbefound.Newfeaturesofsystemicriskwere
discovered.Atpresent,weareabletoenumeratesomenewelementsfromwhich
amoremeaningfuldefinitionofsystemicriskcouldbeputtogether.Itried
toarrangetheelementsofsystemicriskasacomplexphenomenon(Table1).
ThejointFSB/IMF/BISreporttotheG-20definessystemicriskas"arisk
ofdisruptiontofinancialservicesthatis(i)causedbyanimpairmentofall
orpartsofthefinancialsystemand(ii)hasthepotentialtohaveseriousnegative
