Systemic risks, such as the COVID-19 pandemic and the global financial crisis which started in 2007, often spill across socioeconomic boundaries, disproportionately impacting vulnerable populations and magnifying social inequities. The pandemic has already driven Canada’s annual deficit to $348 billion and its national debt is on target to hit $1.2 trillion, while the global financial crisis resulted in a severe recession with sharp declines in national gross domestic product.
A better understanding of systemic risk is needed, says the NORM team, which includes York Professors Jingyi Cao of the Faculty of Science, Ida Ferrara of the Faculty of Liberal Arts & Professional Studies, Dirk Matten of the Schulich School of Business and Shayna Rosenbaum of the Faculty of Health, as well as professors from University of British, University of Toronto, University of Waterloo and Western University.