Systemic Risk Management. Cognitive Perspective (Zarzadzanie ryzykiem systemu finansowego. Perspektywa poznawcza)

Jan K. Solarz ()
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Jan K. Solarz: Spoleczna Akademia Nauk

Problemy Zarzadzania, 2015, vol. 13, issue 55, 30-46

Abstract: This article argues that in order to manage systemic risk, we need more sophisticated and realistic cognitive framework through which to analyse its dynamics and costs. We used macroprudential and microprudential policy to manage explicit systemic risk. Systemic risk is a propagation risk, where shocks spread in time and across sectors. Whilst there are no easy answers, employing this conception of systemic risk management provides an alternative cognitive framework. The narrative approach developed in this article has two dimensions: theoretical tradition in economics (political economics, mathematical economics, institutional economics) and key concepts (rent-seeking, external costs, complexity, nano-finance). To that end, the article develops a social conception of systemic risk, drawing on institutionalist theories.

Keywords: systemic risk; institutions; models; cognitive finance (search for similar items in EconPapers)
JEL-codes: D G (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:pzwzuw:v:13:i:55:y:2015:p:30-46

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