Stress testing in relation to the financial crisis

According to experts, the causes of the global financial crisis can be found on the poor management of banks and other institutions of financial intermediation, also on failure of credit rating agencies in the assigning credit ratings as well as misunderstanding or their poor interpretations. The cause lies in the absence of crisis scenarios and inadequate risk assessment by using stress testing. The purpose of paper deals with stress testing at national and international level, stress test scenarios, their results and impact on individual economies.