“…The concept of systemic risk has captured the minds of researchers (Carey & Gordy, 2003;Acharya, 2009;Mayordomo, Rodriguez-Moreno, & Pena, 2014;Li & Marin, 2014;Tente, von Westernhagen, & Slopek, 2019;Duprey & Ueberfeldt, 2020;Meuleman & Vennet, 2020;Fatica, Heynderickx, & Andrea, 2020) for the last twenty years. They offer different approaches to quantify it.…”