The Risk Approach as Paradigm Factors in the Treatment of Financial Crisis Cycles
DOI:
https://doi.org/10.33423/jaf.v23i1.5833Keywords:
accounting, finance, economic growth, economic cycles, financial crisis, financial risks, transdisciplinarity, complex thinking, idiosyncratic financial risks, systemic risks, financial risk grading scale, paradigmsAbstract
Our societies are regularly hit by major crises; be it economic, social, health or financial crisis. These are often moments of ruptures that modify their trajectories, institutions, organizations and disrupt people as a whole. These moments blend together and reflect new paradigms. However, the mechanics of these paradigms have intensified over the last two decades with the financial crises that have occurred (1997, 2001, 2007, 2011, 2015, and 2020), due to their violence, intensity, repetition, origins and complexity. Faced with the pre-eminence of the Asian development models, the world economy is faced with new phenomena of dependence and uncertainty. And neither the economic theories of the past, nor the legitimations of regulatory interventionism by States, are able to stem these crises.
