The authors clarify the systemic risk concept using the Global Financial Crisis as an example. They explain how global systems involve micro and macro-dynamics interacting with each other and their environment, leading to stable periods and multiple possible future scenarios. Some of these scenarios may pose catastrophic risks, so that agents must confront systemic risk.
Things are Different Today: The Challenge of Global Systemic Risks
Author(s)
Ortwin Renn, Klaus Lucas, Armin Haas and Carlo Jaeger
Publication Date
15 December 2017
Publisher
Journal of Risk Research (vol. 22, iss. 4)
DOI / URL
Resource Type
Academic Journal Article
Systems Addressed
Economy
Resource Theme
Catastrophic and Existential Risk • Systemic Risk • Theory Building