The Paradigm of Finance and New Risks as Drivers of Systemic Risk (Paradygmat finansow i nowe rodzaje ryzyka jako nosniki ryzyka systemowego)

Tomasz Michalski () and Adam Sliwinski
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Tomasz Michalski: Szkola Glowna Handlowa w Warszawie, Instytut Bankowosci i Ubezpieczen Gospodarczych
Adam Sliwinski: Szkola Glowna Handlowa, Zakladu Ryzyka i Ubezpieczen przy Instytucie Bankowosci i Ubezpieczen Gospodarczych

Problemy Zarzadzania, 2015, vol. 13, issue 55, 9-18

Abstract: The article discusses the issues of paradigm of finance and a rise of the so-called new risks as drivers of systemic risk. The aim of the paper is to highlight observed changes in finance paradigm that in the classical approach involved a “servient role” of financial institutions towards the client with a view to economic growth. At the time before the crisis, the paradigm evolved towards “greed” of financial institutions. According to the authors, a shift of finance paradigm and a rise of the so-called new risks may affect the level of systemic risk.

Keywords: paradigm of finance; systemic risk; insurance (search for similar items in EconPapers)
JEL-codes: G00 G1 G2 (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:9-18

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