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Financial Regulations and Procyclicality

Stéphane Auray and Christian Gourieroux

Bankers, Markets & Investors, 2015, issue 138, 45-54

Abstract: This paper is an attempt to understand whether or not it is relevant to talk about procyclicality in the financial markets and how it may or may not be regulated. The paper focus on the procyclicality aspect of financial regulations, including in particular those pertaining to credit, banks and insurance companies, and financial markets. The reader will find various examples of regulations and practices that could be financially procyclical, i.e. lead to more rapid increases in asset prices in periods of growth, and to faster decreases during downturns, or even lie at the origin of cycles.

Keywords: Procyclicality; Regulation; Value-at-Risk; Clearing houses; Rating measures; Distress situations (search for similar items in EconPapers)
JEL-codes: C58 G18 G21 G32 (search for similar items in EconPapers)
Date: 2015
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