‘The joint study on New directions for understanding systemic risk’
(Kambhu et al. 2007) put together by the US National Academy of
Sciences and the Federal Reserve Bank of New York was motivated by
the observation that, although much effort and sophisticated analyses
were increasingly directed to maximizing returns with minimum risk for
individual banks and investment firms, essentially no attention was being
paid to studying the concomitant changing dynamics of the entire system,
that is, to study ‘systemic risk’