, it shows that the Lehman Brothers failure was a watershed event in the crisis, although signs of heightened systemic risk …

This paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial … related payment and settlement systems. At the heart of systemic risk are contagion effects, various forms of external effects … systemic risk, which was evolving swiftly in the last couple of years, is surveyed in the light of this concept. Various …

We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they …