身边的经济学·社会常识英语30篇（2）

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系统性风险威胁整个金融体系，而不仅限于单个企业

Systemic risk refers to the chance that failure in one institution or market triggers cascading breakdowns across the whole financial system.
Unlike firm-specific risk, it cannot be reduced through diversification because all assets may fall together during crises.
Examples include bank runs, rapid fire sales of mortgage-backed securities, or defaults among major derivatives counterparties.
Non-systemic risk affects only individual investors or companies and disappears when portfolios hold many uncorrelated assets.
Regulators monitor interconnectedness—like interbank lending or shared exposures—to identify potential contagion channels.
Too-big-to-fail institutions pose special concern because their collapse could freeze credit markets and shrink GDP sharply.
Stress tests require large banks to prove resilience under severe but plausible economic shocks like unemployment spikes or housing crashes.
Central banks act as lenders of last resort to prevent liquidity shortages from becoming solvency crises.
Macroprudential tools, such as countercyclical capital buffers, aim to build resilience during boom times.
Recognizing systemic risk helps distinguish prudent regulation from unnecessary interference in normal market operations.