Macroprudential regulation

Luca Amorello

Chapter 11 in Comparative Financial Regulation, 2025, pp 172-190 from Edward Elgar Publishing

Abstract: Since the 2007-2008 global financial crisis national and supranational regulators have sought to design and implement policy frameworks aiming at preserving worldwide financial stability. Chief among these ‘macroprudential policies’ have been operationalized around the world to prevent the excessive build-up of systemic risks arising along the upswing and downswing of regional financial cycles. For the very first time financial regulatory and supervisory frameworks have been given a macroeconomic dimension intended to tackle some of the most prominent vulnerabilities and negative externalities associated with financial crises. These macroprudential frameworks lay down the legal constraints within which policymakers can operate by means of a pre-defined set of policy indicators and regulatory tools addressing the multifaceted nature of systemic risks. Starting from the premise of financial stability as a ‘global legal good’, this chapter examines the main functional components of these macroprudential regulatory regimes, exploring main commonalities and divergencies of macroprudential regulatory architectures and governance models in selected jurisdictions (including the US, UK, EU and representative Asia-Pacific countries). In doing so this chapter aims at providing a rationalized comparative analysis of macroprudential regulations established around the world.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2025
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