Why Systemic Risk Still Matters: Lessons from the Global Financial Crisis for Today's Unstable World

The 2008 Global Financial Crisis was not simply a failure of individual banks — it was a failure of the system itself. The interconnections, the leverage, the feedback loops between institutions and markets created fragility that no single regulator could see in full. Nearly two decades later, the lessons remain urgent.financial regulation

Rising geopolitical tensions, persistent inequality, and the growing complexity of financial markets mean that the tools regulators developed after 2008 face new tests. Are macroprudential policies adequate for a world of trade wars, AI-driven trading, and post-pandemic fiscal constraints?

Financial Instability and Systemic Risk: From the Global Financial Crisis and Beyond by Jagoda Kaszowska-Mojsa (Routledge, May 2026) tackles precisely this question. The book offers a comprehensive analysis of how systemic risk emerged, was addressed through regulation, and continues to evolve. What makes it distinctive is its integration of agent-based modelling with macroprudential policy analysis — a combination that allows the author to capture dynamics that traditional models miss.

Kaszowska-Mojsa shows that financial fragility is not only a product of identifiable risks (bad loans, overleveraged banks) but also of systemic uncertainty: the unpredictable, endogenous dynamics that build up within complex financial systems. Her agent-based approach models how heterogeneous economic agents — different households, firms, and financial institutions — respond to and are affected by regulatory interventions, revealing redistributive consequences that standard models overlook.

Why this matters for your library or institution:

This is not a theoretical exercise. The author draws on direct experience with the National Bank of Poland and the European Systemic Risk Board to bridge academic research and practical policy. For central bank economists, financial regulators, risk managers, and academic researchers, this book provides both the analytical framework and the practical tools to evaluate macroprudential policy effectiveness.

The book is published as Open Access under a CC BY-NC-ND 4.0 license, making it freely accessible in digital form — while the hardback edition offers a permanent, professional reference for institutional libraries.

Who should read this book?

• Central bank economists and macroprudential policy analysts
• University libraries building collections in economics, finance, or computational social science
• Financial regulators and supervisory authorities
• Risk managers seeking deeper understanding of systemic dynamics
• Graduate students and researchers in financial stability, agent-based modelling, and political economy

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