Macroprudential Regulatory Policies: The New Road to Financial Stability?

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Macroprudential Regulatory Policies: The New Road to Financial Stability?

Format:  Hardcover,

408 pages

Publisher: World Scientific Pub Co Inc

Publish Date: Sep 2011

ISBN-13: 9789814360661

ISBN-10: 981436066X

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This book is a collection of papers presented in the conference held at the Federal Reserve Bank of Chicago in September 2010, that examines the role of macroprudential regulation in the financial industry. Shocked by the experience of the last few years, many argue that the more traditional microprudential regulatory tools are inadequate to create a safe and stable financial system. The microprudential paradigm relies on the presumption that the financial system as a whole can be made safe by ensuring individual financial institutions are made safe. This ignores interconnections and externalities, whereby the actions of one financial institution or events in financial markets can lead to spillover effects that adversely affect general market conditions, other financial institutions, and ultimately the economy as a whole. Instead, it is argued, there is a need for both microprudential approaches to regulate individual institutions and macroprudential approaches to manage the overall financial system risks. Conference participants discussed macroprudential regulation and related issues, including: What are the theoretical motivations for macroprudential regulation? How would it interact with other regulatory and macroeconomic policies, especially monetary policy? What would be the specific macroprudential tools? Who should have control over the macroprudential tools? How should a macroprudential regulator be structured? Where should it be housed? How can macroprudential policies be structured across national borders? What role, if any, can market discipline play in supporting macroprudential objectives? Concentrating on public policy issues, the conference featured keynote addresses by influential past and present public policy figures including: Paul Volcker, Chairman of the US President's Economic Recovery Advisory Board and former Chairman of the Federal Reserve System; Tommaso Padoa-Schioppa, Chairman, Promontory Financial Group Eur

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Publisher: World Scientific Pub Co Inc
Publish Date: Sep 2011
ISBN-13: 9789814360661
ISBN-10: 981436066X
Format: Hardcover
Number of Pages: 408
Shipping Weight (in pounds): 1.58
Product in Inches (L x W x H): 6.5 x 9.5 x 1.25
Walmart No.: 9789814360661

Chapter outline

Prefacep. v
Acknowledgementsp. vii
Special Addressesp. 1
Protecting the Stability of Global Financial Marketsp. 3
Global Macroprudential Regulationp. 11
The Challenge of Taking Macroprudential Decisions: Who Will Press Which Button(s)?p. 19
Macroprudential Regulation and Evolution: Looking at the Financial System Through Darwin's Glassesp. 29
Why Macroprudential Policies Are Neededp. 39
Lessons from American Bank Supervision from the Nineteenth Century to the Great Depressionp. 41
Coordination with Other Policiesp. 63
Cross-Border Coordination of Macroprudential Policiesp. 65
Macroprudential Policy: Central Banking Reconsideredp. 89
Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Areap. 103
Commentary on Macroprudential and Other Policiesp. 121
Components of Macroprudential Regulationp. 131
Measuring Systemic Riskp. 133
Systemic Risk in Bankruptcy Exceptions, Natural Candidates for Liquidity Chargesp. 145
Working Macroprudential Toolsp. 157
Structuring Macroprudential Regulationp. 181
On the Governance of Macroprudential Policiesp. 183
Some Implications of Systemic Risk and the Design of Regulatory Architecturep. 207
Cross-Border Issuesp. 215
The Last Frontier: Protecting Critical Functions Across Bordersp. 217
Cross-Border Crisis Management: Can Harmonization Create Harmony If the Orchestra Is Dissonant?p. 251
Regulation and Competition in EU Banking: Before, During, and After the Crisisp. 277
Market Disciplinep. 291
Cycle-Proof Market Discipline and Macroprudential Regulationp. 293
Curbing Risk on Wall Streetp. 313
What Role, If Any, Can Market Discipline Play in Supporting Macroprudential Policy?p. 331
Policy Panel: Where to from Here?p. 355
Macroprudential Regulatory Policies: The New Road to Financial Stabilityp. 357
Beyond Regulatory Challenge: The New Public Policy Paradigmp. 371
Challenges for Macroprudential Supervisionp. 379
Macroprudential Regulation, Financial Stability, and Capital Flowsp. 387
Agendap. 403
Indexp. 107

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