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12
VladislavPavlat
consequencesfortherealeconomy.Fundamentaltothedefinitionisthenotion
ofnegativeexternalitiesfromadisruptionorfailureinafinancialinstitution,
market,orinstrument.Alltypesoffinancialintermediaries,markets,andinfra-
structurecanpotentiallybesystemicallyimportanttosomedegree”
1.
Table1
TheElementsofSystemicRisk
1
2
3
4
5
6
7
8
Varietyoforigins
Varietyofformsandmanifestations
Independencyoftime–systemicriskisnotboundtoacertainphaseofeconomiccycle
Independencyofspace–systemicriskisnotboundtoadistinctgeographicallocation,
itisnotconfinedtonationalboundaries−itcanappearanywhere
Independencyoftypeofinstitutions
Independencyofdifferenttypesoffinancialactivities
Dynamic,rapiddevelopment,accordingtothecircumstances
Theconsequencesofsystemicriskdiffer–theydependonexistingcondi-
tions/circumstances
Source:
V.P.
InthelastAnnualreportofBIS,anamplifieddefinitionisused:"Systemic
financialriskcanbedefinedastheriskofdisruptiontofinancialservicesthat
resultsfromanimpairmentofthefinancialsystem,withthepotentialtoharm
therealeconomy.Itcanariseanywhereinthefinancialsystemandmaybe
amplifiedasmarketparticipantsoverreacttoincompleteorincorrectinfor-
mation.Howthisriskisdistributedacrossentitiesandsectorsdepends
onthestructureofbalancesheetlinkages,whichcanbecomplex”
2.
Theabovedefinitionsdefine"quality”,however,theyarenotoperational
forpracticaluse.Systemicriskhastobemeasuredtobeabletousethe
measurementresultforregulationandsupervisionofdifferentinstitutions.Sys-
temicrisk,unlessitismeasured,is"anelusiveconcept:itcanhavesignificant
economicconsequencesanditisquantitativelyimportant,yetthereisnoclear
consensusonhowitshouldbemeasured”
3.
Atpresent,differentapproachestosystemicriskmeasurementcanbefound
inavastliteratureonthistopic.Therearetwomainstreams:1.Theadherers
tothefirststreamconsideredthesystemasaportfolioofinstitutions,andsearch
1
OverallSystemicallyImportantFinancialInstitutions(discussedatg20).12.05.2011.
2
AnnualReport.1April2010-31March2011.BankforInternationalSettlements.Basel,26June
3
2011,p.76,83,106-107.Ar2011e.
Ibid.