Rising from the ashes: a governance perspective on emerging systemic risks

Giuliano Castellano
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Giuliano Castellano: CRG - Centre de recherche en gestion - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique, Dipartimento di Studi Giuridici, Universita Bocconi di Milano - Universita Bocconi di Milano

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Abstract: Unpredictable events -like an infrastructure failure such as a blackout (e.g. the 1999 southern Brazil blackout or the northeast blackout of 2003 that occurred in the US and Canada), a large-scale financial crisis with deep consequences on the real economy (e.g. the Icelandic and the Greek crises), a non-conventional terrorist attack (committed with chemical, biological, radiological, nuclear weapons), the risk related to the exploitation of new technologies (typically nanotechnologies), or a geophysical event (as the 2010 volcanic ash crisis or the 2011 Japan earthquake) - may suddenly cause large-scale losses. The knock-on effect of these events grows beyond the direct social and economic impact on a specific geographic area, affecting simultaneously different regions and imposing immediate regulatory answers.

Keywords: emerging systemic risk; catastrophes; new policy goals; precaution; over-reaction; risk-embracement; governance techniques; insurance industry (search for similar items in EconPapers)
Date: 2011
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Published in Alberto Alemanno. Governing Disasters : The Challenges of Emergency Risk Regulation,, Edward Elgar Publishing, pp.246-262, 2011

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00658918

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