关联度与系统性风险研究——一个文献综述

Interconnectedness and Systemic Risk——A Literature Review

2008年金融危机爆发后,对系统性风险的认识从"大而不倒"转向到"关联度太广而不能倒"。基于关联度视角研究系统性风险成为金融危机爆发后研究系统性风险的主流方向。本文详细梳理了金融危机前后有关"关联度与系统性风险"之间相关性的文献,总结关联度视角下测度系统性风险的挑战,并为未来的研究指出方向。

The understanding of systemic risk switches from“too-big-to fail”to“too-connectedness-to-fail”af-ter the 2008 financial crisis. Studies of systemic risk from interconnectedness becomes the main stream after the 2008 fi-nancial crisis. This paper thoroughly review the literature of the relationship between interconnectedness and systemic risk,put forward the challenge that measuring systemic risk has,and finally gives advice of future research.