Objectives and Challenges of Macroprudential Policy

Alfred Duncan and Charles Nolan

Working Papers from Business School - Economics, University of Glasgow

Abstract: The establishment of the UK Financial Policy Committee is a landmark development in macroprudential oversight. However, its purview may be overly narrow. Macroprudential policy ought to be concerned with the overall efficiency of the financial system. Macroprudential policymakers should have a role as much concerned with providing authoritative, public advice on areas of policy relevant to aggregate financial efficiency as with imposing additional restrictions on bank lending. Issues of independence and transparency loom large under the current regime as well as with some suggestions we make.

Keywords: Macroprudential policy; monetary economics; risk; financial markets. (search for similar items in EconPapers)
JEL-codes: E13 E44 G11 G24 G28 (search for similar items in EconPapers)
Date: 2015-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:gla:glaewp:2015_22

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