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Handbook on Systemic Risk by Joseph A. Langsam, Jean-Pierre Fouque

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5

Semantics in Systemic Risk Management

Mike Atkin and Mike Bennett

In order to fully understand and analyze systemic risk, it is first necessary to understand the system and its components. This means having a consistent representation of the ‘stuff’ of which the system is made up – the business entities, the contracts between them and the securities that are traded.

Classification is intimately bound up in semantics as we shall see. To create a formal representation of securities contracts for example, one must start by classifying them into different types.

In order to represent the system as a whole – the system within which systemic risk arises – there are two things which need to be represented formally: the components of the system; and ...

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