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System Risk In Contemporary Society


  • Constantin Ciurlau
  • Ilie Murarita
  • George Ciobanu

    (University of Craiova Faculty of Economics and Business Administration)


Study of risk has become more and more lately, the whole general theory of management due to increasing complexity of structural relations of the whole economic and social system, plus the development of science and technology, which has led to important changes in approach theoretical and practical aspects of risk and uncertainty. Were imposed, first, the concepts „risk” and „uncertainty” in general. Grade of „risky” is, in everyday language, a rather negative connotation and indicates that the purpose of the action in question may be totally unfavourable of those who initiated it, the economy, however, this qualification is synonymous with „uncertain” - risky situation whose completion is partially escapes the control of its originator and, therefore, can reserve surprises. F.H.Knight1 these two notions of significant nuanced. This study focuses specifically on the definition and sources of system risk and its association with financial crises.

Suggested Citation

  • Constantin Ciurlau & Ilie Murarita & George Ciobanu, 2011. "System Risk In Contemporary Society," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 3(39), pages 218-227.
  • Handle: RePEc:aio:aucsse:v:3:y:2011:i:39:p:218-227

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    risk; uncertainty; system risk; information asymmetry; prudential device; regulation; supervision; coordination; intrinsic myopia;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development


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