SYSTEM RISK IN CONTEMPORARY SOCIETY

Constantin Ciurlau, Ilie Murarita and George Ciobanu

Annals of University of Craiova - Economic Sciences Series, 2011, vol. 3, issue 39, 218-227

Abstract: Study of risk has become more and more lately, the whole general theory of management due to increasing complexity of structural relations of the whole economic and social system, plus the development of science and technology, which has led to important changes in approach theoretical and practical aspects of risk and uncertainty. Were imposed, first, the concepts „risk” and „uncertainty” in general. Grade of „risky” is, in everyday language, a rather negative connotation and indicates that the purpose of the action in question may be totally unfavourable of those who initiated it, the economy, however, this qualification is synonymous with „uncertain” - risky situation whose completion is partially escapes the control of its originator and, therefore, can reserve surprises. F.H.Knight1 these two notions of significant nuanced. This study focuses specifically on the definition and sources of system risk and its association with financial crises.

Keywords: risk; uncertainty; system risk; information asymmetry; prudential device; regulation; supervision; coordination; intrinsic myopia (search for similar items in EconPapers)
JEL-codes: E51 E58 O16 O23 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:aio:aucsse:v:3:y:2011:i:39:p:218-227

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