This Paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial crises. It is claimed that any such concept must integrate systemic events in banking and financial markets as well as in the related payment and settlement systems. At the heart...

Daniel Ben‐Ami, author of Cowardly Capitalism: The Myth of the Global Financial Casino, argues that the popular view of the global financial markets as some sort of irresponsible and volatile casino is fundamentally wrong. He argues that the financial markets have been as susceptible as...