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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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Uncertainty and Monetary Policy in Good and Bad Times
1 Oct 2017
RDP
2017-06
First, we run a counterfactual simulation to produce the ‘risk management-driven policy rate gap’. ... These macroeconomic aggregates would have followed a similar historical path regardless of risk management.
https://www.rba.gov.au/publications/rdp/2017/2017-06/full.html
Conclusions
1 Oct 2017
RDP
2017-06
Economic uncertainty affected the decisions taken by the Federal Open Market Committee, which acted as a risk manager hedging against downside risks. ... Blanchard (2009) and Bloom (2014) call for larger policy stimuli in bad times, as well as second
https://www.rba.gov.au/publications/rdp/2017/2017-06/conclusions.html