
vyavasthaapithamaaya apakadasaadhyatha

dhanakaaryathil, oru samvidaanathinte eathenkilum oru vyakthigatha sthaapanam, group allengil gadakavumaayi bandhapetta apakadasaadhyathaykk vipareethamaayi, muzhuvan samvidaanathinum dosham varuthaathe athil niyantrikkaan kazhiyunna oru muzhuvan saambathika samvidaanathinteyo muzhuvan vipaniyudeyo thakarchayude apakadasaadhyathayaan vyavasthaapitha apakadasaadhyatha. saambathika idanilakkaarile savisheshamaaya sambhavangalo saahacharyangalo moolamundaakunna allengil vashalaakkaavunna, vinashakaramaaya asthiratha, saambathika samvidaanathinte asthiratha enningane ithine nirvachikkaam. oru samvidaanathilo vipaniyilo "paraspara bandhangalum" "paraspara aashrithathvangalum" chumathunna apakadasaadhyathakale ithu soochippikkunnu, avide orotta entittiyudeyo sthaapanangalude koottatthinteyo parajayam oru cascading paraajayathinu kaaranamakum, athu paapparatthatthinu kaaranamaakukayo muzhuvan systetheyo vipaniyeyo thaazhthukayo cheyyum. ithine chilappol "chittayaya apakadasaadhyatha" ennum vilikkunnu.
vishadeekaranam.
aadyathe baank panam kadappettirikkunna mattu baankukalil cascading ephakt undaakkunna oru baank rannumaayi systemic risk bandhappettirikkunnu, ithu oru cascading paraajayathinu kaaranamaakunnu. nikshepakarkku sthirasthithiyude tharamgaphalangal anubhavappedumbol, panalabhyathayekkurichulla aashankakal panavipanikaliloode kadannupokumbol, oru paribhranthi oru vipaniyiloode vyaapikkukayum gunanilavaarathilekku pettennu parakkukayum cheiyunnu, ithu niravadhi vilppanakkaare srishtikkukayum ennaal dravarahithamaaya aasthikalkk kurachu vaangunnavare srishtikkukayum cheiyunnu. eee paraspara bandhangalum baank pravartthanangalude saadhyathayulla "clustering" aanu vyavasthaapithamaaya apakadasaadhyathakalil ninnu oru samvidaanathe samrakshikkunna prashnam abhisambodhana cheyyumbol nayaroopeekaranakkaar pariganikkunna prasnangal. sarkkaarukalum vipani nireekshana sthaapanangalum (yuu. ezz. polullava).ezz. securitykalum exchange commission (sekkant) central baankukalum palappozhum saambathika vipanikalile vyapara pankaalikal avarude paraspara bandhatthil ninnu undaakunna aashrithathvangalude oru shringalayil kudungikkidakkunnavennu avakaashappett mothatthil vipaniyude thalpparyangal samrakshikkunnathinulla nyaayeekaranathode nayangalum niyamangalum sthaapikkaan shramikkunnu. lalithamaaya engleeshil, chila kambanikale valare valuthum paraajayappedaan kazhiyaathavidham parasparam bandhippichavayumaayi kanakkakkunnu ennaanu ithinartham. aaa samvidaanathile eathenkilum oru vyakthiyekkal samvidaanathinte prathirodhasheshi samrakshikkunnathil thangalkk aashankayundennu nayaroopeekaranakkaar pathivayi avakaashappedunnu. vipani pankaalikal thammilulla edapedal kaaranam vyavasthaapithamaaya apakadasaadhyatha undaakunnu, athinaal ithu endogenous riskkinte oru roopamaayi kaanaan kazhiyum.
vyavasthaapitha paraajayatthinte swabhaavam, athinte kaaranangalum prathyaaghaathangalum, athinte apakadasaadhyathayum thammil verthirichariyunnathiloode saambathikashaasthrathilnum dhanakaaryathilninnum labhikkuna aashayangalkk risk maanejment saahityam oru badal veekshanam nalkunnu. paraajayatthinte vyavasthaapitha apakadasaadhyathaye nirvachikkunnathin ithu oru "pravarthanaparamaaya perumaattam" sameepanam sweekarikkunnu "bhaviyil oru nischitha samayathinullil vyavasthaapitha paraajayatthinte pravarthanaavasthayilekku praveshikkunna sisttathinte nilavile samayathe mothatthilulla saadhyathayude alavu, athil saambathika sevanangalude vitharanam inii niyantranaa maanadandamanusarichu aavasyam thripthippeduthunnilla, puthiya laghookarana shramangalude abhaavathil sisttathinte bhaavi perumaattathekkurichu anishchithathvathinte alavu prakaram yogyatha nedunnu."2008-ll islandic saambathika samvidaanathinte thakarchayude anukaranatthiloode sameepakaala gaveshanathil theliyikkapettathupole, eee nirvachanam praayogika risk laghookarana aaplikkeshanukalkku svayam nalkunnu.
vyavasthaapithamaaya apakadasaadhyatha vipaniyilo vila apakadasaadhyathayilo thettidharikkaruthu, kaaranam randaamathethu vaangukayo vilkkukayo cheiyunna inathinu prathyekathayullathaanu, koodaathe vipani apakadasaadhyathayude phalangal aaa nirddishta inathil kaikaaryam cheiyunna sthaapanangalkku ottappettathaan. oru mirror vyaapaarathilekku praveshichukondu oru nikshepathe samrakshikkunnathiloode itharathilulla apakadasaadhyatha laghookarikkaanaakum.
insurance nalkunna oru kakshikk preemiyangal pokkatt cheyyaanum ohari udamakalkku labhavihitam nalkaanum oru vinashakaramaaya sambhavam eppozhengilum nadannaal insolvency nadapadikalil praveshikkaanum parimithamaaya baadhyathaykk pinnil olichirikkaanum kazhiyumennathinaal "systemic risk" kalkkethire insurance labhikkunnath palappozhum eluppamaanu. ennirunnaalum, atharam insurance inshur cheytha sthaapanathinu falapradamalla.
derivative kararukalkk paapparatthatthil prathyeka aanukoolyangal nedaan dhanakaarya sthaapanangal upayogicha oru vaadam vipani nirnaayakavum durbalavumaanenna avakaashavaadamaayirunnu.
valia sareerathinu undaakunna prathikoola prathyaaghaathangalude saadhyathayum alavum enna nilayilum vyavasthaapitha apakadasaadhyathaye nirvachikkaam. federal saambathika niyanthranavumayi bandhappett, oru dhanakaarya sthaapanathinte vyavasthaapitha apakadasaadhyatha, sthaapanathinte pravartthanangal valia sambadvyavasthaye prathikoolamaayi baadhikkunnathinte saadhyathayum alavum, athaayath asaadhaaranavum theevravumaaya federal edapedal phalangal mechappeduthunnathinna aavasyamaanu.
ganithashaasthra sameepanagal, maathrukaa anumanangal allengil oru sthaapanathil shradha kendreekarikkunnathiloodi parimithappedutthaathum saambathika, rashtreeya, paaristhithika, mattu niravadhi apakadasaadhyathakalude vyavasthaapitha swabhaavam ulkkollunna vyavasthaapitha apakadasaadhyathayude aadyathe pravarthanakshamamaaya nirvachanam koodiyaanithu.
lunden school oof economicsile systemic risk sentar systemic risk padanatthil shradha kendreekarikkunnu. systemic risk endogenous riskkinte oru roopamaanennu ithu kandethunnu, athinaal systemic riskkinte anubhavaparamaya alavukal niraashaajanakamaanu.
alakkal.
tii. bii. tii. eph/tii. tii. tii. eph.
property kaashwaality insurance association oof amerikkayude abhipraayathil, systemic risk alakkunnathinu rund pradhana vilayiruthalukalundu, "paraajayappedaan valare valuth" (tii. bii. tii. eph), "paraajayappedaan bandhappettathum" (tii. tii. tii. eph allengil tii. sii. tii. eph) parisodhanakal. onnamathaayi, aavashyamaaya sarkkar edapedalinte apakadasaadhyatha vilayiruthunathinulla parambaraagatha vishakalanamaan tii. bii. tii. eph parisodhana. deseeya anthardesheeya vipaniyumaayi thaarathamyappeduthumbol oru sthaapanathinte valuppam, vipani vihita kendreekaranam, praveshanathinulla malsara thadassangal allengil oru uthppannam ethra eluppathil maattisthaapikkaamennath enniva kanakkileduthu tii. bii. tii. eph alakkaan kazhiyum. randaamathaayi, tii. tii. tii. eph testt ennathu oru sthaapanathinu athinte nilavilulla bisinesses nadatthaan kazhiyaathepoyathinte valia sambadvyavasthayil idakkaala nettu negatteevu aaghaathathinte saadhyathayudeyum alavinteyum alavaanu. sthaapanathinte ulppannangalkkum pravarthanangalkkum appurathulla alavil aaa sthaapanathe prathyekamaayi aasrayikkunna matellaa vaanijya pravarthanangaludeyum saambathika gunakam ulppeduthuka ennathaanu aaghaatham. oru sthaapanathinte bisinesses mattu vyavasthaapitha apakadasaadhyathakalumaayi engane bandhappettirikkunnu ennathine aasrayichirikkunnu.
paraajayappedaan kazhiyaathathra valuthaanu.
aavashyamaaya sarkkar edapedalinte apakadasaadhyatha vilayiruthunathinulla parambaraagatha vishakalanam "paraajayappedaan valare valuth" parisodhanayaanu (tii. bii. tii. eph). deseeya anthardesheeya vipaniyumaayi thaarathamyappeduthumbol oru sthaapanathinte valuppam, vipani vihita kendreekaranam (udaaharanathinu herfindall-hirshman soochika upayogichu), praveshanathinulla malsara thadassangal allengil oru uthppannam ethra eluppathil maattisthaapikkaamennathi adisthaanathil tii. bii. tii. eph alakkaan kazhiyum. mikka saambathika vipani vibhaagangalilum valia kambanikal undengilum, deseeya insurance vipani aayirakkanakkin kambanikalkkidayil vyaapichukidakkunnu, mooladhanam praadhamika inputt aaya oru bisinassilekkulla praveshanathinulla thadassangal thaarathamyena cheruthaanu. oru veettudamasthante insurance poolisikal thaarathamyena eluppathil mattonnin pakaramaavukayo allengil oru samsthaana sheshikkunna vipani daathaavin edukkukayo cheyyaam, praadhamikamaayi vilanirnnayathinteyum mooladhana chalanatthinteyum paridhikal polulla samsthaana-samsthaana niyanthrana thadassangalil ninnu undaakunna unterriting draavakathvathinte paridhikal. sameepakaala saambathika prathisandhiyude samayat, american internaashanal grouppinte (aiji) thakarcha saambathika samvidaanathinu kaaryamaaya vyavasthaapitha apakadasaadhyatha srishtichu. yuu. esil tii. bii. tii. eph ulla insurance kambanikal onnukil illa allengil valare kuravaanu.ezz. vipani.
parajayavumaayi bandhappettirikkunnu.
parambaraagatha tii. bii. tii. eph testinekkaal kooduthal upayogapradamaaya vyavasthaapitha apakadasaadhyatha alavu "paraajayappedaan valare bandhappettirikkunnu" (tii. tii. tii. eph) vilayiruthalaanu. ettavum puthiya federal saambathika adiyanthara durithaashwaasa theerumaanangalude hridayabhaagathaanu avabodhajanyamaaya tii. tii. tii. eph vishakalanam. oru sthaapanathinu athinte nilavilulla bisinesses nadatthaan kazhiyaathepoyathinte valia sambadvyavasthayil idakkaala nettu negatteevu aaghaathathinte saadhyathayum alavum alakkunna alavukolaanu tii. tii. tii. eph.
vyavasthaapithamaaya apakadasaadhyathayil paraspara bandhatthinte swaadheenam alakkunnathinulla oru reethiyaayi network modalukal nirddeshichittundu.
sthaapanathinte uthppannangalilum pravarthanangalilum mathramalla, aaa sthaapanathe prathyekamaayi aasrayikkunna matellaa vaanijya pravarthanangaludeyum saambathika gunakathilum eee swaadheenam alakkunnu. oru sthaapanathinte bisinesses mattu vyavasthaapitha apakadasaadhyathakalumaayi ethratholam bandhappettirikkunnu ennathine aasrayichirikkunnu.
vyavasthaapitha apakadasaadhyatha alavukalekkurichulla vimarsanangal.
"vyavasthaapitha apakadasaadhyatha alavukalekkurichulla vimarsanangal" daaniyelsan thudangiyavar. risk, cover thudangiya vyavasthaapitha apakadasaadhyatha alavukalekkurichu aashanka prakadippikkuka, kaaranam avaa varshathil onniladhikam thavana sambhavikkunna vipani phalangale adisthaanamaakkiyullathaanu, athinaal alakkunnathupole vyavasthaapitha apakadasaadhyathayude saadhyatha saambathika samvidaanathile yadhaartha vyavasthaapitha apakadasaadhyathayumaayi poruthappedunnilla. oru saadhaarana raajyathin 43 varshathilorikkal vyavasthaapitha saambathika prathisandhikal sambhavikkunnu, vyavasthaapitha apakadasaadhyathayude alavukal aaa saadhyathaye lakshyamidanam.
thidukkam.
mothatthil saambathika samvidaanam poornnamaayum poorna mooladhanamillaathappol athu kuranja mooladhanamullathaanenkil oru dhanakaarya sthaapanam vyavasthaapithamaaya apakadasaadhyathaye prathinidheekarikkunnu. orotta risk factor modalil, brounleesum engilum sisk enna peril oru vyavasthaapitha risk alavu nirmmikkunnu. oru nischitha tharatthilulla kuranja mooladhana aavasyakatha punasthaapikkunnathinu oru saambathika sthaapanathilekku kuthivaykkenda mooladhanathinte alavaanu siskine vyaakhyaanikkaan kazhiyuka. siskinu niravadhi nalla gunangalunda sisk saambathika padangalil prakadippikkappedunnu, athinaal vyaakhyaanikkaan eluppamaanu. vyavasayathinum rajyathinumulla prathyeka samuchayangal polum nalkunnathinu sthaapanangaliludaneelam risk eluppathil samaharikkaan kazhiyum. avasaanamaayi, risk kanakkukoottalil risk nadapadikalaayi svayam kaanavunna variableukal ulppedunnu. saambathika sthaapanathinte valippam, liverage (vipani mooladhanavumaayulla aasthikalude anupatham), vipaniyodoppam sthaapanathinte varumanam engane vikasikkunnu ennathinte alavu (chila samayangalil vyavasthaapithamaaya beatayil maattam varunnuvenkilum vitharanathinte vaalinu oonnal nalkunna) ennivayaanu iva.
aadyakaala brounleesum engleesh modalum us maarkkattin anusrithamaayi roopakalppana cheythittundenkilum, engleesh, jondau, rockinger ennivayude vipuleekaranam europian vipanikalkku kooduthal anuyojyamaanu. oru ghadakam saambathika vipanikalude lokamembaadumulla vyathiyanangal pidichedukkunnu, mattonn europian vipanikalude vyathiyanangal. eee vipuleekaranam oru raajya-nirddishta gadakathe anuvadikkunnu. 
vividha gadakangal kanakkiledukkumbol, americayudeyo eshyan vipanikaludeyo aaghaathangal europine baadhichekkaamenna dhaarana oraal pidichedukkunnu, mathramalla europinullile mosham vaarthakal (eathenkilum oru raajyathinte veezhchayekkurichulla vaarthakal polullava) europine sambandhichidatholam pradhaanamaan. koodaathe, europineyo americayeo baadhikkaatha, ennaal oru nischitha raajyathin praadhaanyamulla, raajya nirddishta vaarthakal undakam. anubhavaparamayi avasaanathe ghadakam lokamembaadumullatho europian gadakathekkaal prasakthamalla.
karansiyude adisthaanathil sarkk alakkunnathinaal, vyavasaya samuchayangal motha aabhyanthara ulppaadanavumaayi bandhappettirikkam. athinaal, kramatthil pradhanappetta aabhyanthara baankukalude oru alavu oraalkk labikkum.
apakadasaadyathayulla systemic risk indikkettar aazhchathorum yaanthrikamaayi kanakkaakkukayum samoohathinu labhyamakkukayum cheiyunnu. us modalinu, sisk mattu sthithivivarakkanakkukalum nyoo stern school websaittinte asthiratha labin europian modalinu heck losaante sentar oof risk maanejment (crml) websitinum keezhil kandethaam.
jody/munthirivallikal.
saambathika aasthikalude oru portfoliyoyiludaneelam vyavasthaapitha apakadasaadhyatha maathrkayaakkaan oru munthirivalliyude kopula upayogikkaam. munthirivalliyude ghadana chattakkoodile asattu jodikalude maathrkayil kleydan canonical wine kopula prayogikkuka ennathaanu oru reethishaasthram. oru kaliman kopula upayogikkunnathupole, asamathvathinte alavu kooduthalaanu (i.iii.idathu wall) aashrithathvam, kleydan kopula paaraameettar kooduthalaanu. athinaal, oraalkk ellah kaliman kopula paaraamettarukalum sangrahikkaan kazhiyum, eee paaraamettarukalude aakethuka ethra uyarnnuvo, vyavasthaapitha apakadasaadhyathayude saadhyatha athra kooduthalaanu. 1970kalile enna prathisandhiyum oorjja prathisandhiyum, 1980kalile black thinkalaazhchayum gulf yudhavum, 1990kalile russian sthirasthithi/ell. tii. sii. emm prathisandhi, 2000kalile saankethika babil lehmann sthirasthithiyum enniva pidichedukkunna kazhinja naalu pathittaandukalilaayi us ohari vipanikalile spikkukal kandethaan eee reethishaasthram kandethiyittundu. europile paramadhikaaravum saambathikavumaaya vyavasthaapitha apakadasaadhyatha alakkunnathinayi sthaapanangalude credit portfoliyoyil prathekshikkunna nashtam enna nilayil vyavasthaapitha apakadasaadhyatha alakkunna kopula adisthaanamaakkiyulla reethiyaaya tii-studant distress insurance premium (tii. dii. aii. pii) manso pica avatharippikkunnu.
vyavasthaapithamaaya apakadasaadhyathaykk keezhilulla aasthikaludeyum derivetteevukaludeyum moolyanirnnayam.
classic moolyanirnnaya modalukalude aparyapthatha.
vyavasthaapithamaaya apakadasaadhyathaykk keezhilulla derivateevukal, dettu allengil ikvitti ennivayude moolyanirnnayathinte kaaryatthil oru prashnam saambathika parasparabandham maathrkayaakkendathundu ennathaanu. eiii, bii, sii, dii ennee naalu sthaapanangalkku udaaharanamaayi ivide soochippichirikkunnathu, adacha moolyanirnnaya shringalakal oru prathyeka prashnam uyarthunnu
udaaharanathinu, oru ohari vila svayam ulppede matellaa aasthi moolyangaleyum swaadheenikkum.
merttan (1974) model.
neratthe vishadeekarichathupole, pakwathayulla saambathika vipanikalil nilavilulla saahacharyangal, single-sthaapana merttan modalinu keezhil maathrkayaakkaan kazhiyilla, marichu parasparabandhithamaya aasthikalulla onniladhikam sthaapanangalilekkulla athinte neraaya vipuleekaranangaliloodeyalla. ithu theliyikkaan, parimithamaaya baadyathayulla rund saambathika sthaapanangal, formula 1 pariganikkuka, avaa randum maturity formula 3-ll oru moolya formula 2-nte sisttam-exogenous asthikal svanthamaakkunnu, koodaathe randum seero kooppan dettu formula 4-nte orotta thuka kadappettirikkunnu, time formula 5-ll adaykkendathaanu.
classic single sthaapanamaaya merttan modalil, ithu ippol ikvitti formula _ 7-nuu maturity kaivasham vaykkunnu, koodaathe kadathinte veendedukkal moolya formula _ 8-nuu,
oppam
ikvitti, dettu recovery moolyam, formula _ 11, formula _ 12 enniva exogenous bisinus asattukalude moolya formula _ 6 vazhi savisheshamaayum udanadi nirnnayikkappedunnu. udaaharanathinu, formula _ 6 oru black-schole dynamic (paraspara bandhangalodeyo allaatheyo) nirvachichirikkunnuvennu karuthuka, kadathinteyum ekvittiyudeyum risk-neutral noow-arbitrage vilanirnayam nereyaanu.
nissaaramallaattha aasthi moolya samavaakyangal.
atharam rund sthaapanangal ippol veendum pariganikkuka, ennaal sthaapanam onninu sthaapanathinte ohari vihithathinte 5 sathamaanavum kadathinte 20 sathamaanavum undennu karuthuka. athupole, 2 enna sthaapanathinu sthaapanathinte ohariyude 3 sathamaanavum kadathinte 10 sathamaanavum undennu karuthuka. pakwathayile santulita vila samavaakyangal allengil liquidation moolya samavaakyangal ippol nalkunnathu
rund sthaapanangal maathrame ulppettittulloovengil, saambathika paraspara bandhatthinte roopathilulla vyavasthaapithamaaya apakadasaadhyatha ithinakam thanne aasthi moolyangalkkaayi oru nissaaravum rekheeyamallathathumaaya samavaakya samvidaanathilekku nayikkumennu eee udaaharanam theliyikkunnu.
sthirasthithi saadhyathakalude amithavum kurachumaathravum vilayiruthal.
kadam allengil ikvitti cross-holdingukal avaganikkumbol credit risk modeling cheiyunnathu oru under-lake nayikkumennu ariyappedunnu, mathramalla sthirasthithi saadhyathakalude amita vilayiruthalilekkum nayikkum. athinaal, gaveshanathilo prayogatthilo ayirikkatte, alavilulla apakadasaadhyatha kaikaaryam cheiyunnathil saambathika paraspara bandhatthinte sariyaaya gadanaaparamaaya maathrkakal aavasyamaanennu vyakthamaan.
saambathika paraspara bandhathinu keezhilulla gadanaaparamaaya maathrkakal.
2001ll oro sthaapanathinum mattu sthaapanangalude kadam swanthamaakkaan kazhiyunna saambathika samvidaanangalude gadanaaparamaaya maathrkakal pariganicha aadya rachayithakkal isenberg noyum aayirunnu. suzuki (2002) kadathinteyum ikvitti kleyimukaludeyum cross udamasthaavakaasham maathrkayaakki paraspara bandhatthinte vishakalanam vipuleekarichu. isenberg aandu noyil (2001), syphuentus, feroochi aandu shiin (2005) ennivayil nirmmikkunnath network sthirathayil sthirasthithi chelavukalude swaadheenam pariganichu. vyathyastha mungananakalulla saambathika avakaashavaadangal ulppeduthi elsingers aisenberg aandu noow (2001) model kooduthal vikasippichu.
asemoglu, oosdaaglar, tehbaz-salehi (2015) ennivar vividha mungananakalode durithachelavum kadam avakaashavaadavum ulkkollunna oru gadanaaparamaaya vyavasthaapitha apakadasaadhyatha maathruka vikasippikkukayum saambathika sthirathayil network paraspara bandhatthinte phalangal parisodhikkaan eee maathruka upayogikkukayum cheythu. oru nischitha ghattam vare parasparabandham saambathika sthiratha vardhippikkunnuvennu avar kaanichu. ennirunnaalum, connectivityude nirnaayaka threashold saandrata marikadannaal, saambathika shringalayude saandrata kooduthal vardhikkunnathu apakadasaadhyatha pracharippikkunnu.
glassman aandu yang (2015) banking netvarkkukalil aaghaathangalude prabhavam maathrkayaakkaan aisenberg aandu noow (2001) prayogichu. sthirasthithi saadhyathakalil network connectivityude falangalkkaayi avar pothuvaaya athirukal vikasippikkunnu. mikka gadanaaparamaaya systemic risk saahityangalil ninnum vyathyasthamayi, avayude phalangal valare pothuvayathinaal oru prathyeka network architecturo nirddishta shock vitharanangalo anumaanikkendathilla.
risk-neutral moolyanirnayam vila anishchithathvavum thuranna prashnangalum.
pothuve paranjaal, saambathika paraspara bandhatthinte gadanaaparamaaya modalukalile risk-neutral vilanirnnayathin exogenous asattu prais vektarine aasrayikkunnathil pakwathayil savisheshamaaya santulita vila aavasyamaanu, ithu kramarahithamayirikkum.
derivateevukal illaathe dettu, ikvitti cross-oonezhsshippu ennivayumaayulla saambathikamaayi parasparabandhithamaya samvidaanangal, udamasthaavakaasha maatriksukalude roopathilulla udamasthaavakaasha gadanakalile thaarathamyena durbalamaaya vyavasthakal savisheshamaayi nirnnayikkappetta vila santhulithaavastha urappunalkunnathin aavashyamaanenna ardhathil nannayi manassilaakkiyittundile, fisher (2014) modalinu derivativil valare sakthamaaya vyavasthakal aavasyamaanu-avaa kanakkaakkappedunna saambathika samvidaanathinte mattethenkilum baadhyathakale aasrayikkunnathil nirvachikkappedunnu-ellah sisttam-endogenous baadhyathakaludeyum advitheeyamaayi nirnnayikkappetta vilakal urappunalkaan kazhiyum. koodaathe, parihaarangalonnumillatha udaaharanangalum parimithamaaya niravadhi parihaarangalum (onniladhikam) ananthamaaya niravadhi parihaarangalum undennu ariyappedunnu. nilavil, vyavasthaapithamaaya apakadasaadyathayulla saambathika shringalakalil risk-neutral prising prayogikkaan derivetteevukalude durbalamaaya vyavasthakal engane thiranjedukkaamennu vyakthamalla. onniladhikam vila santhulithaavasthayil ninnu parinamikkunna vila anishchithathvam adisthaanaparamaayi vipaniyude apoornnathayil ninnu undaakunna vila anishchithathvathil ninnu vyathyasthamaan ennathu sradheyamaanu.
gadakangal.
vyavasthaapitha apakadasaadhyathakale pinthunaykkunna gadakangal ivayaanu
vaividyavalkkaranam.
apakadasadhyathakal naalu pradhana vazhikaliloode kuraykkaam ozhivakkal, vaividyavalkkaranam, headging, risk kaimaattam cheiyunnathiloode insurance. vaividhyavalkkaranathiloode kuraykkaan kazhiyaatha oru surakshayude apakadasaadhyathayaan maarkkat risk allengil vaividhyavalkkarikkaanaavathaatha risk ennum vilikkappedunna chittayaya risk. hedge fandukal pole vipaniyile pankaalikal vyavasthaapitha apakadasaadhyatha vardhippikkunnathinte uravidamaakaam, koodaathe avarkk apakadasaadhyatha kaimaattam cheiyunnathu vairudhyaparamaayi vyavasthaapitha apakadasaadhyathayilekkulla exposure vardhippikkum.
adutha kaalam vare, dhanakaaryathinte niravadhi saidhaanthika maathrkakal oru saambathika vyavasthayude sthirathayude phalangalilekku viral choondunnu.
vaividhyavalkkarikkappetta (i.iii., saandramaaya) saambathika samvidaanam. ennirunnaalum, 
aduthide chila jolikal aarambhichu
eee kaazhchappaadine velluvilikkukayum vaividyavalkkaranam vyavasthaapitha apakadasaadhyathayil avyakthamaaya phalangal undaakkunna saahacharyangal anweshikkukayum cheiyunnu.
oru nischitha paridhikkullil, saambathika paraspara bandhangal oru
shock-absorber (i.iii.connectivity karuth srishtikkukayum risk pankidal nilanilkkukayum cheiyunnu). ennaal tippingin appurathu
pooyint, interconnectionukal oru shock-amplifieraayi varthichekkaam (i.iii.connectivity durbalata apakadasaadhyathayum srishtikkunnu
aadhipathyam pulartthunnu).
niyanthranam.
vipaniyile niyanthranathinulla pradhana kaaranangalilonn vyavasthaapithamaaya apakadasaadhyatha kuraykkuka ennathaanu. ennirunnaalum, niyanthrana madhyasthatha-niyantritha mekhalayil ninnu niyanthrithamallaathatho aniyanthrithamo aaya mekhalayilekku vaanijya kaimaattam-vipanikale oru poornna vrithamaakki maattukayum vyavasthaapithamaaya apakadasaadhyatha punasthaapikkukayum cheiyunnu. udaaharanathinu, vyavasthaapithamaaya apakadasadhyathakal kuraykkunnathinaayi banking mekhalaye niyanthranathinu keezhil konduvannu. apakadasaadhyatha (athinaal varumanam) kooduthalulla sthalangalil baankukalkku thanne vaaypa nalkaan kazhiyaathathinal, praadhamikamaayi insurance mekhalayaanu atharam edapaadukal etteduthathu. angane vyavasthaapithamaaya apakadasaadhyatha oru mekhalayil ninnu mattonnilekku maarukayum oru vyavasaayathinte niyanthranam mathramaayirikkilla vyavasthaapithamaaya apakadasaadhyathakalil ninnulla eaka samrakshanam ennu theliyikkukayum cheiyunnu.
project apakadasadhyathakal.
project maanejment, koost enchiniyaring ennee mekhalakalil, oru prathyeka projectinu maathramullathallaathathum oru nischitha samayat oru project teaminu eluppathil kaikaaryam cheyyaan kazhiyathathumaaya apakadasadhyathakal systemic risksil ulppedunnu. avaa micro allengil aantharika gadakangal moolamaanu undaakunnath.iii. padhathi samvidaanam/samskaaram ennivayude attributeukal moolam undaakunna anishchithathvam. chilar antharleenamaaya apakadasaadhyatha enna padam upayogikkunnu. eee vyavasthaapitha apakadasaadhyathakale vyakthigatha project apakadasadhyathakal ennu vilikkunnu.jii. pmi pmbok (aarr) guidil. eee apakadasadhyathakal oru kambaniyude padhathi samvidaanathinte swabhaavathaal nayikkappedaam (udha.jii.paridhi nirvachikkunnathin munbu padhathikalkku dhanasahayam nalkuka), kazhivukal allengil samskaaram. oru projakttile saankethikavidyayude nilavaaramo allengil oru projakttinte vyaapthi allengil nirvvahana thanthratthinte sankeernathayo avaye nayikkam. 2008-ll lehmann sahodaranmaarude thakarchayaanu vyavasthaapithamaaya apakadasaadhyathayude sameepakaala udaaharanam, ithu saambathika samvidaanathilum sambadvyavasthayilum udaneelam njettal tharamgangal ayachu. ithinu vipareethamaayi, oru prathyeka projectinu savisheshamaaya apakadasaadhyathakale mothatthilulla project risk athawa finance padaavaliyile chittayaya risk ennu vilikkunnu. avaa chilappol aakasmika apakadasadhyathakal allengil apakadasaadhyatha sambhavangal ennu vilikkappedunna project-nirddishta apakadasaadyathakalaanu. baahya paristhithiyude sthoolamo baahyamo aaya gadakangalile anishchithathvam moolamaanu eee chittayaya apakadasadhyathakal undaakunnath. "2000kalude avasaanathile "mahaa maandyam" vyavasthaapithamaaya apakadasaadhyathayude oru udaaharanamaanu. mothatthilulla project apakadasadhyathakal pesttil, vooka muthalaayava upayogichu nirnnayikkunnu.
pmi pmbok (aarr) guide vyakthigatha project risk nirvachikkunnath "onno athiladhikamo project lakshyangalil anukoolamo prathikoolamo aaya swaadheenam cheluthunna oru anischithamaaya sambhavamo vyavasthayo" ennaanu, athesamayam mothatthilulla project risk nirvachichirikkunnathu "mothatthil projakttil anishchithathvathinte swaadheenam" ennaanu... project anishchithathvathinte ellah srothassukalum ulppedunnathinaal oru projakttinullile vyakthigatha apakadasaadhyathakalude aakethukayekkaal kooduthalaanu ithu... project phalatthile positteev, negatteevu vyathiyaanangalude prathyaaghaathangale bandhappettavarkk thurannukaattunnathine prathinidheekarikkunnu."
vyavasthaapithamaaya apakadasaadhyathayum inshurans.
2010 februvariyil, internaashanal insurance economics think tank, jeneeva association, systemic riskil insurance kambanikalude pankinekkurichu 110 pejulla vishakalanam prasidheekarichu.
reportil, aagola saambathika samvidaanathil insurance kambanikaludeyum baankukaludeyum vyathyasthamaaya pankum prathisandhiyil avaa cheluthunna swaadheenavum parishodhikkunnu ("insurance kambanikal baankukalil ninnu vyathyasthamaakunnath enthukondu" enna sii. iii. eiii report kaanuka). insurance kambanikaludeyum reinsurance kambanikaludeyum pradhana pravartthanangal vyavasaayathinte prathyeka savisheshathakal kaaranam vyavasthaapithamaaya apakadasadhyathakal srishtikkunnilla ennathaanu vishakalanathinte oru pradhana nigamanam.
insurance kambanikaludeyum reinsurance kambanikaludeyum pradhana pravarthanangalil systemic risk (efsb) ennathinte ettavum saadhaaranayaayi udharicha nirvachanam, financial stebility board (efsb) prayogikkunna report, thaazhepparayunna kaaranangalilonninenkilum vyavasthaapithamaayi prasakthamallenn nigamanam cheiyunnu
puthiya niyanthranam avatharippikkumbol supervisormaarum nayaroopeekaranakkaarum saambathika sthaapanangalekkaal pravarthanangalil shradha kendreekarikkanamennum europian unionile solvency II polulla varaanirikkunna insurance niyanthrana bharanakoodangal ithinakam thanne insurance pravartthanangale vendathra abhisambodhana cheiyunnuvennum report adivarayidunnu.
ennirunnaalum, saambathika prathisandhiyude samayat, insurance kambanikal nadathunna ardha-banking pravartthanangal paraajayappedukayo kaaryamaaya budhimuttukal srishtikkukayo cheythu. athinaal sariyaaya apakadasaadhyatha niyanthrana chattakkoodukalillaathe vyapakamaaya thothil nadathumbol vyavasthaapithamaaya prasakthiyundakaan saadhyathayulla rund pravartthanangal report thirichariyunnu.
eee prathyeka pravartthanangal pariharikkunnathinum saambathika sthiratha shakthippeduthunnathinum vyavasaayam anchu shupaarshakal munnottuvachittundu
janeeva association prasthavana prasidheekarichathinushesha, 2010 juunil, internaashanal association oof insurance supervisormaar (aii. eiii. aii. ezz) pradhana saambathika sthiratha prasnangalil athinte nilapad prasthavana puratthirakki. prasthaavanayude oru pradhana nigamanam, "insurance mekhala saambathika mekhalayude mattu bhaagangalil srishtikkunna vyavasthaapitha apakadasaadhyathakalkk vidheyamaan. ennirunnaalum, mikka insurance vibhaagangalilum, saambathika samvidaanathinullil allengil yadhaartha sambadvyavasthayil insurance vyavasthaapithamaaya apakadasaadhyatha srishtikkukayo vardhippikkukayo cheiyunnathinu thelivukal kuravaanu."
sii. iii. eiii, property kaashwaality insurance association oof america (pii. sii. aii) thudangiya mattu samghadanakal ithe vishayathil reportukal purappeduvichittundu.
charcha.
systemic risk valia sareerathinu prathikoola prathyaaghaathangalude saadhyathayum alavum vilayiruthunnu. subprime mortgage prathisandhi polulla saambathika prathisandhiyumaayi bandhapetta sameepakaala charchakalil "systemic risk" enna padam pathivayi upayogikkunnu. oru dhanakaarya sthaapanathinte vyavasthaapitha apakadasaadhyatha, sthaapanathinte pravartthanangal valia sambadvyavasthaye prathikoolamaayi baadhikkunnathinte saadhyathayum alavum, angane asaadhaaranavum theevravumaaya federal edapedal phalangal mechappeduthunnathinna aavasyamaanu. 2008leeii saambathika sthaapanangalude parajayam valia sambadvyavasthaykku vyavasthaapithamaaya apakadasaadhyatha srishtichu. chairman barney frank vyavasthaapithamaaya apakadasaadhyathaykk uyarnna swaadheenamulla saambathika samvidaanangalude durbalathayekkurichu aashanka prakadippikkukayum dhanakaarya sevana niyanthrana parishkaranatheyum vyavasthaapithamaaya apakadasaadhyathayeyum engane abhisambodhana cheyyaamennu us sarkkar charcha cheyyukayum cheythu.
1990-num 2000-num idayil prasidheekaricha anubhavaparamaya padanangalude oru parambara kaanikkunnath niyanthranavidheyavum vardhichuvarunna kadutha malsaravum baankinte labhavihitam kuraykkukayum labham vardhippikkunnathinu amithamaya credit risk edukkaan dhaarmika apakadatthe prolsaahippikkukayum cheiyunnu ennaanu. maruvashathu, banking mekhalayil parimithamaaya ennam vipani oopparettarmaar aadhipathyam pulartthiyirunna oru banking oligopoliyude saannidhyathilum ithe phalam alakkapettu, avarude vipani vihitavum uyarnna vaipa sharashari nirakkukal nischayikkaanulla karar shakthiyum prothsaahippichu. vilayudhathinum baank vann parajayangalkkum kaaranamakunna vipani moolyathil thaazheyulla vilppanayumayi amithamaya vipani oopparettarmaare chilappol manappoorvvam avatharippikkukayum pinneedu oru vipani samghathe srishtikkunnathil avar adhapathikkukayum cheythu eee rund ghattangalum ore thaalpparyatthinte prakadanangalaayi kaanapettu, pothuve kuranja vilayilum (pinneedu kooduthal) koottukettu, athinte falamaayi iva randum thadayaan utharavittu.
nyayamaaya moolya shreniyude level 2 allengil 3 aayi tharamthirickunna saambathika upakaranangalude vanthothilulla kaivashatthinte falamaayi moolyanirnnaya apakadasaadhyathaykk vidheyamaakaan saadhyathayulla sthaapanangalaanu baankukal. europil, 2020 avasaanathode europian central baankinte (iii. sii. bii) nerittulla melnottatthilulla baankukal 8.7 trilyan euroyude nyayamaaya moolyamulla saambathika upakaranangal kaivasham vachirunnu, athil 6.6 trilyan euro level 2 allengil 3 aayi tharamthirickunnu. level 2, level 3 upakaranangal yathaakramam <aii. dii. 1> umm baankukalude uyarnna nilavaaramulla mooladhanathinte (tayar 1 mooladhanam ennu vilikkappedunna) 23 sathamaanavum aayirunnu. oru soochanayaayi, atharam saambathika upakaranangalude moolyanirnnayathile cheria pishakukal polum baankukalude mooladhanathil kaaryamaaya swaadheenam chelutthiyekkaam.
2020 februvariyil europian systemic risk board oru reportil munnariyipp nalki, sankeernamaaya savisheshathakalum baankukalude balance sheettukalil irikkunna parimithamaaya panalabhyathayumulla ganyamaaya alavilulla saambathika upakaranangal aagola saambathika samvidaanathinte sthirathaykku apakadasaadhyathayundaakkunnu. europil, 2020 avasaanathode europian central baankinte (iii. sii. bii) nerittulla melnottatthilulla baankukal nyayamaaya moolyamulla accountinginu vidheyamaaya 8.7 trilyan euroyude saambathika upakaranangal nadatthi. ivayil, 6.6 trilyan euro nyayamaaya moolya shreniyil level 2 allengil 3 aayi tharamthirichittundu, athaayath avaa moolyanirnnaya apakadasaadhyathaykk vidheyamaan, athaayath.iii. avarude yadhaartha vipani moolyathekkurichulla anishchithathvam. level 2, level 3 upakaranangal yathaakramam baankukalude uyarnna nilavaaramulla mooladhanathinte (tayar 1 mooladhanam ennu vilikkappedunna) 23 sathamaanavum <aii. dii. 1> umm aayirunnu. oru soochanayaayi, atharam saambathika upakaranangalude moolyanirnnayathile cheria pishakukal polum baankukalude mooladhanathil kaaryamaaya swaadheenam chelutthiyekkaam.

