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RBA Glossary definition for systemic risks

systemic risks – Events which may jeopardise financial system stability and cause harm to the real economy. For example, the Y2K problem was regarded as such a risk. They may include the risk that the failure of one participant in a payments system, or in financial markets generally, to meet their required obligations when due, will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or credit problems.

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References

1 May 1998 RDP 9805
Morris Goldstein and John Hawkins
233–282. Cline, W. and K. Barnes (1997), Spreads and Risks in Emerging Market Lending, Institute of International Finance, Washington DC. ... 47, April. Goldstein, M. (1998), The Asian Financial Crisis: Causes, Cures and Systemic Implications,
https://www.rba.gov.au/publications/rdp/1998/1998-05/references.html