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In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system.〔(Banking and currency crises and systemic risk ), George G. Kaufman (World Bank), Internet Archive〕〔(What is systemic risk anyway? ), Gerald P. Dwyer〕 It can be defined as "financial ''system'' instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries".〔(Systemic Risk: Relevance, Risk Management Challenges and Open Questions ), Tom Daula〕 It refers to the risks imposed by ''interlinkages'' and ''interdependencies'' in a system or market, where the failure of a single entity or cluster of entities can cause a cascading failure, which could potentially bankrupt or bring down the entire system or market.〔(Systemic Risk ), Steven L. Schwarcz〕 It is also sometimes erroneously referred to as "systematic risk". ==Explanation== Systemic risk has been associated with a bank run which has a cascading effect on other banks which are owed money by the first bank in trouble, causing a cascading failure. As depositors sense the ripple effects of default, and liquidity concerns cascade through money markets, a panic can spread through a market, with a sudden flight to quality, creating many sellers but few buyers for illiquid assets. These interlinkages and the potential "clustering" of bank runs are the issues which policy makers consider when addressing the issue of protecting a system against systemic risk.〔〔(Containing Systemic Risk ), CRMPG III, August 6, 2008〕 Governments and market monitoring institutions (such as the U.S. Securities and Exchange Commission (SEC), and central banks) often try to put policies and rules in place with the justification of safeguarding the interests of the market as a whole, claiming that the trading participants in financial markets are entangled in a web of dependencies arising from their interlinkage. In simple English, this means that some companies are viewed as too big and too interconnected to fail. Policy makers frequently claim that they are concerned about protecting the resiliency of the system, rather than any one individual in that system.〔 Systemic risk should not be confused with market or price risk as the latter is specific to the item being bought or sold and the effects of market risk are isolated to the entities dealing in that specific item. This kind of risk can be mitigated by hedging an investment by entering into a mirror trade. Insurance is often easy to obtain against "systemic risks" because a party issuing that insurance can pocket the premiums, issue dividends to shareholders, enter insolvency proceedings if a catastrophic event ever takes place, and hide behind limited liability. Such insurance, however, is not effective for the insured entity. One argument that was used by financial institutions to obtain special advantages in bankruptcy for derivative contracts was a claim that the market is both critical and fragile.〔〔〔(What is Systemic Risk )〕〔(The Economics of Legal Tender Laws ), Jorg Guido Hulsmann (includes detailed commentary on systemic risk inherent in FRB)〕 Systemic risk can also be defined as the likelihood and degree of negative consequences to the larger body. With respect to federal financial regulation, the systemic risk of a financial institution is the likelihood and the degree that the institution's activities will negatively affect the larger economy such that unusual and extreme federal intervention would be required to ameliorate the effects.〔(Systemic Risk ), Property Casualty Insurers Association of America〕 A general definition of Systemic Risk which is not limited by its mathematical approaches, model assumptions or focus on one institution; and which is also the first operationalizable definition of Systemic Risk encompassing the systemic character of financial, political, environmental, and many other risks is available since 2010.〔(Market Dynamics & Systemic Risk ), Milan Boran〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「systemic risk」の詳細全文を読む スポンサード リンク
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