Systemic Financial Risk: An Emerging Market Perspective

Palgrave Macmillan, 2024.

Editor-in-chief: Karminsky A. M., Mikhail Stolbov

This book provides an analysis of various sources and forms of systemic financial risk. It focuses on the most pressing research questions for both advanced and emerging market economies, including green finance, ESG agenda and related risks, international financial connectivity across countries and financial institutions, and catastrophic risks modeling. Part 1 considers emerging research issues in risk assessment and management, including new approaches to measuring financial development, trends and prospects of green finance, and cross-country financial spillovers. Part 2 casts a more nuanced look at the quantitative models and methods adopted in risk assessment and risk management, putting such issues as measuring catastrophic risks, liquidity mismatches as well as modeling probabilities of default and the impact of macroeconomic fundamentals on capital adequacy ratios in the Russian banking sector in the spotlight. Finally, Part 3 discusses the new regulatory challenges dealingwith risk assessment and risk management, such as macroprudential policies which have proved efficient to mitigate systemic risk are investigated.

The book offers a comprehensive picture of the challenges which emerging market economies are facing in the field of financial risk assessment and management. Specifically, the challenges are discussed in the context of elaborated models and policy responses, which are based on the up-to-date theoretical contributions and empirical evidence from various fields, making the book relevant to professors, researchers, graduate students, and practitioners of risk management, international finance, and financial services.

This is textbook of articles dedicated to the systemic financial risks on the emerging markets.

Chapters

Assessing the Probability of Default During the COVID-19 Pandemic: The Case of Airlines

Markovskaya E., Elena Smolina, , in: Systemic Financial Risk: An Emerging Market Perspective.: Palgrave Macmillan, 2024. Ch. 9 P. 217–252.

The chapter is devoted to the development of the approaches to assessing the probability of European airlines’ default. This problem has become very acute since the latest crisis when airlines all over the world went through hard times and dozens of them had to go bankrupt, get public financial aid or find a way-out in ...

Added: April 8, 2024

Measuring Market Liquidity and Liquidity Mismatches Across Sectors

Akhmetov A., Burova A., Makhankova N. et al., , in: Systemic Financial Risk: An Emerging Market Perspective.: Palgrave Macmillan, 2024. P. 131–194.

Added: May 31, 2024

Keywords: emerging market, systemic risk in the financial sector

Publication based on the results of: Innovations in the banking sector, its financial stability and prudential regulation in conditions of permanent crises (2023)