Systemic Risk in the Financial System: New Developments and Challenges

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 November 2024 | Viewed by 130

Special Issue Editor

E-Mail Website
Guest Editor
Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, 700505 Iasi, Romania
Interests: individual and systemic risk; financial intermediation; banking; business and financial cycles; empirical finance

Special Issue Information

Dear Colleagues,

After the global financial crisis (GFC) of 2007–2009, the regulation paradigm changed, shifting from microprudential to macroprudential regulation because connectedness and financial linkages proved to be destabilizing factors of the financial system. Consequently, researchers and practitioners have tried to develop new measures and tools to capture both the contribution and exposure of financial institutions to systemic risk (e.g., Billio et al., 2012; Adrian and Brunnermeier, 2016; Acharya et al., 2017; Brownlees and Engle, 2017), that is, the risk that could threaten the stability of the entire financial system, and to identify, rank, and regulate systemically important financial institutions (SIFIs). However, these metrics can produce very different estimates of systemic risk (Kleinow et al., 2017) and have several shortcomings (Löffler and Raupach, 2018), which might make them unsuitable for use by policymakers. The appropriate measurement of systemic risk is crucial for efficient regulation.

The aim of this Special Issue is to present, both theoretically and empirically, new developments in the area of systemic risk, with a focus on banks, given their role in financial intermediation and maturity transformation, and their highly leveraged operations (Cerutti et al., 2014), as well as to advance new drivers of system-wide distress. Topics of interest include but are not limited to new developments in the following areas:

  • Measures of systemic risk;
  • Drivers of systemic risk;
  • Predictive power of systemic risk indicators during different crisis periods;
  • Climate change and systemic risk;
  • ESG performance and systemic risk;
  • Macroprudential policy and systemic risk.


Acharya, V.V.; Pedersen, L.H.; Philippon, T.; Richardson, M. Measuring Systemic Risk. Rev. Financ. Stud. 2017, 30, 2–47.
Adrian, T.; Brunnermeier, M.K. CoVaR. Am. Econ. Rev. 2016, 106, 1705–1741.
Billio, M.; Getmansky, M.; Lo, A.W.; Pelizzon, L. Econometric measures of connectedness and systemic risk in the finance and insurance sectors. J. Financ. Econ. 2012, 104, 535–559.
Brownlees, C.; Engle, R.F. SRISK: A Conditional Capital Shortfall Measure of Systemic Risk. Rev. Financ. Stud. 2017, 30, 48–79.
Cerutti, E.; Claessens, S.; McGuire, P. Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?; University of Chicago Press: Chicago, IL, USA, 2014; pp. 235–260.
Kleinow, J.; Moreira, F.; Strobl, S.; Vähämaa, S. Measuring systemic risk: A comparison of alternative market-based approaches. Financ. Res. Lett. 2017, 21, 40–46.
Löffler, G.; Raupach, P. Pitfalls in the Use of Systemic Risk Measures. J. Financ. Quant. Anal. 2018, 53, 269–298.

Dr. Nicu Sprincean
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.


  • systemic risk
  • banks
  • interconnectedness
  • contagion
  • systemically important financial institution

Published Papers

This special issue is now open for submission.
Back to TopTop