A Macroprudential Perspective on the Regulatory Boundaries of US Financial Assets

David Arseneau, Grace Brang (), Matt Darst (), Jacob Faber (), David Rappoport () and Alexandros Vardoulakis ()
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Grace Brang: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/
Matt Darst: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/
Jacob Faber: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/
David Rappoport: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/
Alexandros Vardoulakis: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/

Journal of Financial Crises, 2023, vol. 5, issue 1, 1-24

Abstract: This paper uses data from the Financial Accounts of the United States to map out the regulatory boundaries of assets held by US financial institutions from a macroprudential perspective. We provide a quantitative measure of the macroprudential regulatory boundary--the perimeter between the part of the financial sector that is subject to some form of macroprudential regulatory oversight and that which is not--and show how it has evolved over the past 40 years. Additionally, we measure the boundaries between different regulatory agencies and financial institutions that operate within the regulatory perimeter and illustrate how these boundaries potentially become blurred in the face of regulatory overlap. Quantifying the macroprudential regulatory boundary and the boundaries for different regulators within the perimeter is informative for assessing financial stability risks over the credit cycle.

Keywords: boundary problem; financial institutions; regulation; regulatory reach (search for similar items in EconPapers)
JEL-codes: G01 G28 (search for similar items in EconPapers)
Date: 2023
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Working Paper: A Macroprudential Perspective on the Regulatory Boundaries of U.S. Financial Assets (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:ysm:ypfsfc:v:5:y:2023:i:1:p:1-24

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