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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Tomasz Michalski & Adam Sliwinski, 2015. "The Paradigm of Finance and New Risks as Drivers of Systemic Risk (Paradygmat finansow i nowe rodzaje ryzyka jako nosniki ryzyka systemowego)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 13(55), pages 9-18.
    • Handle: RePEc:sgm:pzwzuw:v:13:i:55:y:2015:p:9-18
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    References listed on IDEAS

    as
    1. Acharya, Viral V., 2009. "A theory of systemic risk and design of prudential bank regulation," Journal of Financial Stability, Elsevier, vol. 5(3), pages 224-255, September.
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    More about this item

    Keywords

    paradigm of finance; systemic risk; insurance;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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