Insurance and Macroprudential Regulation: Conceptual Issues

Marcelo Ramella and Sebastian Dahlen

Chapter 4 in Macroprudential Supervision in Insurance, 2014, pp 85-100 from Palgrave Macmillan

Abstract: Abstract The macroprudential regulation debate has enjoyed an unprecedented revival in the aftermath of the global financial crisis that started in 2007, engaging, within a comparatively short period of time, academics, policy makers and practitioners involved in developing responses to the crisis (see for example, Ramella and von Dahlen (2010) with particular regard to insurance-specific macroprudential surveillance). Trichet (2011) maintains that we have entered an “era of macroprudential oversight”. According to Baker (2013), there are indications that this macroprudential shift amounts to no less than an “insiders’ coup d’état”. As one might expect, and as is the case with other coup d’états, its legitimacy and soundness have come under criticism. An array of dissenting voices has questioned macroprudential regulation, challenging its conceptual validity and political legitimacy as well as its methodological soundness and institutional viability (Mészáros, 2013; Chiu, 2012; Eichengreen, 2010; Pooran, 2009).

Keywords: Insurance Activity; Systemic Risk; Life Insurance; Financial Stability; Trade Credit (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-43910-9_5

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DOI: 10.1057/9781137439109_5

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