Abstract

This paper initiates the discussion on the temporal dimensions of systemic risk, building on the pioneering work of Ortwin Renn and colleagues. Temporality is implicit in the key characterisations of systemic risk, but never addressed specifically as a concept or a framing devise in risk research. This paper, therefore, explores what a temporal approach to systemic risk might constitute at the conceptual level. An initial attempt at operationalising a temporal lens is applied to the example of green bonds, bringing to light how the processes of creating a bond structure and securitisation bundles together multiple temporalities into the network of the bond on the one hand, and multiples other temporalities on the other. This leads to higher levels of inter-dependencies and co-movements within and across systems, with greater risk that failure in one part of the network can quickly lead to systemic failure. This is not to dismiss the many strengths of green bonds in dealing with climate change but calls for a deeper reflection on synchroneity and better techniques and processes to improve time coordination among the different financial and non-financial actors. This opens up new avenues for future research.

摘要

本文在Ortwin Renn及其同事的开创性工作的基础上，发起了关于系统性风险的时间维度的讨论。时间是系统性风险的关键特征中所隐含的，但从未在风险研究中专门作为概念或框架来解决。因此，本文探讨了从概念上讲，采用暂时性方法应对系统性风险的方法。将临时透镜操作化的最初尝试被应用于绿色债券的示例，从而揭示了建立债券结构和证券化的过程是如何一方面将多个时间捆绑在一起形成债券网络，而另一方面将多个其他时间捆绑在一起。另一个。这导致系统内和跨系统之间更高程度的相互依存和协同运动，网络某一部分的故障可能很快导致系统故障，因此风险更大。这并不是要消除绿色债券在应对气候变化方面的众多优势，而是需要更深入地思考同步性以及更好的技术和流程，以改善不同金融和非金融参与者之间的时间协调。这为将来的研究开辟了新的途径。