Systemic risk and financial markets: three years on

Abstract

This article addresses the key emerging area of financial stability and systemic risk in a post-crisis global supervisory environment. It clarifies the central concept of systemic risk as a pivotal feature of the global reforms and examines from a comparative perspective the policy and institutional measures adopted by a number of countries following the recent global economic crisis to address the link between financial market activity and global financial stability including recent advances in this area in South Africa, the European Union and the United States.