Macroprudential Regulatory Policies:The New Road to Financial Stability?

Edited by Stijn Claessens (), Douglas Evanoff, George G Kaufman and Laura E Kodres

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book is a collection of papers presented in the conference held at the Federal Reserve Bank of Chicago in September 2010, that examines the role of macroprudential regulation in the financial industry. Shocked by the experience of the last few years, many argue that the more traditional microprudential regulatory tools are inadequate to create a safe and stable financial system. The microprudential paradigm relies on the presumption that the financial system as a whole can be made safe by ensuring individual financial institutions are made safe. This ignores interconnections and externalities, whereby the actions of one financial institution or events in financial markets can lead to spillover effects that adversely affect general market conditions, other financial institutions, and ultimately the economy as a whole. Instead, it is argued, there is a need for both microprudential approaches to regulate individual institutions and macroprudential approaches to manage the overall financial system risks.

Keywords: Macroprudential Regulation; Financial Regulation; Systemic Risk; Dodd-Frank; International Banking; Financial Crisis; Financial Stability; Bank Capital; Microprudential Regulation; Policy Tools; Cross-Border; Countercyclical Policy; Governance; Failure Resolution; Globalization; Basel III; Contingent Capital; Stress Tests (search for similar items in EconPapers)
Date: 2011
ISBN: 9789814360661
References: Add references at CitEc
Citations: View citations in EconPapers (6)

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https://www.worldscientific.com/worldscibooks/10.1142/8206 (text/html)
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Chapters in this book:

Ch 1 PROTECTING THE STABILITY OF GLOBAL FINANCIAL MARKETS , pp 3-10

Paul Volcker

Ch 2 GLOBAL MACROPRUDENTIAL REGULATION , pp 11-18

Tommaso Padoa-Schioppa

Ch 3 THE CHALLENGE OF TAKING MACROPRUDENTIAL DECISIONS: WHO WILL PRESS WHICH BUTTON(S)? , pp 19-28

Jaime Caruana

Ch 4 MACROPRUDENTIAL REGULATION AND EVOLUTION: LOOKING AT THE FINANCIAL SYSTEM THROUGH DARWIN'S GLASSES , pp 29-38

Charles Taylor

Ch 5 LESSONS FROM AMERICAN BANK SUPERVISION FROM THE NINETEENTH CENTURY TO THE GREAT DEPRESSION , pp 41-61

Eugene N. White

Ch 6 CROSS-BORDER COORDINATION OF MACROPRUDENTIAL POLICIES , pp 65-87

Attila Csajbók and Julia Király

Ch 7 MACROPRUDENTIAL POLICY: CENTRAL BANKING RECONSIDERED , pp 89-102

Jean-Pierre Landau

Ch 8 MACROPRUDENTIAL POLICY AND MONETARY POLICY: SOME LESSONS FROM THE EURO AREA , pp 103-119

Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin

Ch 9 COMMENTARY ON MACROPRUDENTIAL AND OTHER POLICIES , pp 121-129

E Davis

Ch 10 MEASURING SYSTEMIC RISK , pp 133-143

Viral Acharya

Ch 11 SYSTEMIC RISK IN BANKRUPTCY EXCEPTIONS, NATURAL CANDIDATES FOR LIQUIDITY CHARGES , pp 145-156

Enrico Perotti

Ch 12 WORKING MACROPRUDENTIAL TOOLS , pp 157-180

Jesús Saurina

Ch 13 ON THE GOVERNANCE OF MACROPRUDENTIAL POLICIES , pp 183-206

Erlend W. Nier

Ch 14 SOME IMPLICATIONS OF SYSTEMIC RISK AND THE DESIGN OF REGULATORY ARCHITECTURE , pp 207-214

Marco Espinosa-Vega, Juan Solé, Charles Kahn and Rafael Matta

Ch 15 THE LAST FRONTIER: PROTECTING CRITICAL FUNCTIONS ACROSS BORDERS , pp 217-249

Eva Hüpkes

Ch 16 CROSS-BORDER CRISIS MANAGEMENT: CAN HARMONIZATION CREATE HARMONY IF THE ORCHESTRA IS DISSONANT? , pp 251-276

Grégory Nguyen and Peter Praet

Ch 17 REGULATION AND COMPETITION IN EU BANKING: BEFORE, DURING, AND AFTER THE CRISIS , pp 277-290

Andre Sapir

Ch 18 CYCLE-PROOF MARKET DISCIPLINE AND MACROPRUDENTIAL REGULATION , pp 293-312

Luc Laeven

Ch 19 CURBING RISK ON WALL STREET , pp 313-330

Oliver Hart and Luigi Zingales

Ch 20 WHAT ROLE, IF ANY, CAN MARKET DISCIPLINE PLAY IN SUPPORTING MACROPRUDENTIAL POLICY? , pp 331-353

María J. Nieto

Ch 21 MACROPRUDENTIAL REGULATORY POLICIES: THE NEW ROAD TO FINANCIAL STABILITY , pp 357-370

William R. White

Ch 22 BEYOND REGULATORY CHALLENGE: THE NEW PUBLIC POLICY PARADIGM , pp 371-377

Tarisa Wataganase

Ch 23 CHALLENGES FOR MACROPRUDENTIAL SUPERVISION , pp 379-385

Randall Kroszner

Ch 24 MACROPRUDENTIAL REGULATION, FINANCIAL STABILITY, AND CAPITAL FLOWS , pp 387-401

Jose De Gregorio

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