身边的经济学·社会常识英语30篇（2）
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Systemic Risk Threatens Entire Financial Systems, Not Just Firms
系统性风险威胁整个金融体系，而不仅限于单个企业
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Systemic risk refers to the chance that failure in one institution or market triggers cascading breakdowns across the whole financial system.
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Unlike firm-specific risk, it cannot be reduced through diversification because all assets may fall together during crises.
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Examples include bank runs, rapid fire sales of mortgage-backed securities, or defaults among major derivatives counterparties.
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Non-systemic risk affects only individual investors or companies and disappears when portfolios hold many uncorrelated assets.
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Regulators monitor interconnectedness—like interbank lending or shared exposures—to identify potential contagion channels.
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Too-big-to-fail institutions pose special concern because their collapse could freeze credit markets and shrink GDP sharply.
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Stress tests require large banks to prove resilience under severe but plausible economic shocks like unemployment spikes or housing crashes.
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Central banks act as lenders of last resort to prevent liquidity shortages from becoming solvency crises.
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Macroprudential tools, such as countercyclical capital buffers, aim to build resilience during boom times.
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Recognizing systemic risk helps distinguish prudent regulation from unnecessary interference in normal market operations.