5  See Hautsch, N., J. Schaumberg and M. Schienle (2012), “Financial network systemic risk contributions”, working paper. 6  See Betz, F., Oprica, S., Peltonen, T.A., Sarlin, P (2012) “Predicting bank distress and identifying interdependencies among European Banks”, mimeo. 7  See Allen, F., A. Babus and E. Carletti (2012), “Asset commonality, debt maturity and systemic risk”, Journal of Financial Economics, Vol.
Household confidence in Australia was below average through much of 2011, with households being particularly pessimistic about their financial situation over the coming year. No doubt, these perceptions were being affected by the unsettling financial news coming out of Europe and the associated large declines in share prices.