| In the financial history of human being, there are numbers of financial crises, people'senthusiasm of research in them are never diminished. For the reasons, benevolent seebenevolence and the wise see wisdom, most of researchers believed that those crises werecaused by single risk and single market, and then leaded to large-scale diffusion. However, suchtheory is lack of integral sorting out and research. After the Great Depression in the1920s, therewere a booming of financial theory and financial crisis theory, especially the debate betweenKeynesianism and classicalism which continued ten years long, so that people keep in-depthstudy on crises from beginning, diffusion and formation to follow-up treatment and thengradually formed a systematic theory of the financial crisis. Moreover, a theoretical discussionrelated to systemically risk and systematically financial risk occurred in1980s. Although at thattime in the late1970s, the US economy suffered stagflation, its leading position in the world wasstrongly threatened by rapidly developed Japan and Germany and no longer stable, as well asJapan felled into the lost decade after the signing of the Plaza Agreement, more integrated globaleconomy and finance were still in the boom on the whole. Even though the U.S. Internet bubbleburst, the impact on the global economy appears too placid. Therefore, the researches onsystematically financial risks is still in the proposed stage, related prevention ofmacro-prudential supervision did not attracted enough attention of the theory and practice ofcommunity due to the situation which was showed as calm of global economy.As time went by2008, the subprime mortgage crisis occurred in US and them rapidlyturned into the global financial tsunami, the edifice of global economy which remain steadilydeveloped for decades was suddenly crash down. Even former Federal Reserve Chairman, AlanGreenspan claimed that the crisis was "once in a hundred years". The systemically financial riskre-entered the theory and practice vision and caused more in-depth studies in this background.As I worked hard at my Ph.D degree in this period, I put the systematically financial risk as myresearch topic as well; furthermore, I found that during the explosion of financial crisis,Systemically Important Financial Institutions were in a significant key position. My specifictrain of thought was show as follow. Firstly, I explore the existing research result of financialcrises and systematically risk. Secondly, summarizing the theory t of systemic financial risk definition, and combining with current circumstances base on existing result. The third step is todiscuss the outbreak of the systematically financial risks in financial crisis from an empiricalpoint of view. The fourth step is to conduct case studies to explore the specific performance ofthe previous crises systemically important financial institutions which in significant position inthe systematically financial risk. Next, conduct inductive research for the reasons and spread offinancial risk to the system. The following step is to explore the result of global financial reformafter the financial tsunami on the basis of the existing experiences of national regulatory andreform in main countries of the world. Seventhly, to deal with macro-prudential supervisionwhich have important meaning to prevent systematically financial crisis. Finally, on the basis ofprevious steps of study, research on how systemically important financial institutions to earlywarning and prevention financial crisis.This paper takes overall comprehensive study on systematically financial risk, and thenultimately put foothold in early warning and prevention of the systemically important financialinstitutions. However, objectively speaking, there is still insufficient in many aspects of the study.I only hope that my own research may contribute and make the humble to the global studies ofthe systematically financial risks, and to the future theoretical development of risk prevention.
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