Fig.1. Classification of risks according to J. M. Keynes 6 Keynes approached the issue from the perspective of an economic entity, identifying the
following main types of risks:
- entrepreneurial - the uncertainty of obtaining the expected income from investing funds,
i.e., in his opinion, "... this is the risk of an entrepreneur or borrower arising from doubts about
whether he will actually be able to receive the expected income that he expects" [8] ;
- "lender" - the risk of non-repayment of the loan, which includes legal risk (avoidance of
repayment of the loan) and credit risk (insufficiency of collateral). “But where there is a system of
borrowing and lending money, by which ...” Keynes means “... lending against real security or in
the good name of the borrower, there is a second kind of risk, which ... we can call the risk of the
lender” [8];
- changes in the value of the monetary unit - the probability of losing funds as a result of a
change in the exchange rate of the national currency (market risk). This “... type of risk is one that
is associated with a possible change in the value of a monetary standard unit, as a result of which
5
https://www.dissercat.com/content/
6
Compiled by the author, based on the classification of J. M. Keynes (Source: John Maynard Keynes General Theory
of Employment, Interest and Money. // https://socioline.ru/files/5/316/keyns.pdf.
RISK CLASSIFICATION "lender" credit risk, which includes legal
risk (avoidance of loan
repayment) and credit risk
(insufficiency of collateral)
changes in the value of the currency – probability of loss of funds as a
result of changes in the exchange
rate of the national currency
(market risk)
