KnE Social Sciences
ISSN: 2518-668X
The latest conference proceedings on humanities, arts and social sciences.
The Dimension, Diversity and Complexity of the Macroeconomic Risk
Published date: Jan 12 2020
Journal Title: KnE Social Sciences
Issue title: Economies of the Balkan and Eastern European Countries
Pages: 206–215
Authors:
Abstract:
The approach at a macroeconomic level of the challenges in order to foster the competitiveness in certain economic areas implies understanding and assessing the risk as an essential element which can determine in every moment the availability of the mechanisms and the necessary resources for a sustainable future. Even if in a certain measure the risk has to be assumed, the losses caused by undesired events seem to be more ample than the benefits. The most important aspect and part of the risk management is represented by the fact that risk has to be distributed over time, its effects being extended for long periods. While the benefits are hard to distinguish, the efforts seem to be determined at short notice. Any privation of the risk indicators that are correlated with the long-term objectives leads to a barrier when it comes to monitoring the exactitude and performance of the decision-makers. Despite the struggle against the global pressure and the political risk, at a macroeconomic level the uncertainty does not only lingers in association with the external framework, but it also succeeded in reaching extreme levels in comparison with the recent history. The present article aims to observe, categorize and explain the dimension, diversity and complexity of the macroeconomic risk and it will also try to demonstrate that when it comes to composite systems, the risk follows the same path as the environmental context, all because of the diversified overlaps between financial systems and societies, together with their economies and ecosystems.
Keywords: integrated risk management, risk society, uncertainty
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