The Role of Central Banks in Financial Stability:How Has It Changed?

Edited by Douglas Evanoff, Cornelia Holthausen, George G Kaufman and Manfred Kremer ()

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

Abstract: The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries? What are perceived to be the major future threats to financial stability? These and related issues are discussed in the book by well-known experts in the field — some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.

Keywords: Financial Stability; Financial Regulation; Macroprudential Regulation; Systemic Risk; Dodd-Frank; Financial Crisis (search for similar items in EconPapers)
Date: 2013
ISBN: 9789814449915
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Chapters in this book:

Ch 1 The (Changing) Role of Central Banks in Financial Stability Policies , pp 3-9

Peter Praet

Ch 2 The Role of Central Banks in Financial Stability: How Has It Changed? , pp 11-56

Willem Buiter

Ch 3 Pursuing Financial Stability at the Federal Reserve , pp 57-66

Janet Yellen

Ch 4 Financial Stability: Lessons Learned from the Recent Crisis and Implications for the Federal Reserve , pp 69-81

Nellie Liang

Ch 5 Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan , pp 83-104

Takeo Hoshi

Ch 6 Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets , pp 105-129

Carlos Vegh and Guillermo Vuletin

Ch 7 Can We Identify the Financial Cycle? , pp 131-156

Mathias Drehmann, Claudio Borio and Kostas Tsatsaronis

Ch 8 Low Interest Rates and Housing Bubbles: Still No Smoking Gun , pp 159-185

Kenneth Kuttner

Ch 9 Classic FIT and Lean FIT: Is Inflation-Targeting Guilty of Causing the Financial Instability of 2007–2009? , pp 187-205

Takatoshi Ito

Ch 10 Bank Capital Regulations: Learning the Right Lessons from the Crisis , pp 209-217

Asli Demirguc-Kunt

Ch 11 International Monetary Reform: Exchange Rates or Interest Rates? , pp 219-236

Ronald McKinnon

Ch 12 Threats to Financial Stability in Emerging Markets: The New and Very Active Role of Central Banks , pp 237-253

Liliana Rojas-Suarez

Ch 13 In Defense of Wall Street: The Social Productivity of the Financial System , pp 257-279

Ross Levine

Ch 14 Output Growth Variability: The Role of Financial Markets , pp 281-295

Alexander Popov

Ch 15 Occupying the Wrong Street? The Social Productivity of the Financial Sector: Some Comments , pp 297-305

Gerard Caprio

Ch 16 Bankers and Brokers First: Loose Ends in the Theory of Central Bank Policymaking , pp 309-325

Edward Kane

Ch 17 The Elusive Scale Economies of the Largest Banks and Their Implications for Global Competitiveness , pp 327-345

Joseph Hughes

Ch 18 The Ex Ante versus Ex Post Effect of Public Guarantees , pp 347-364

Evren Damar, Reint Gropp and Adi Mordel

Ch 19 Real and Imaginary Resolution Options for Large Financial Institutions , pp 365-382

David A. Skeel

Ch 20 Is Our Economy's Financial Sector Worth What It Costs Us? , pp 385-389

Benjamin M. Friedman

Ch 21 The Eurozone Crisis: Causes, Remedy, and Misperceptions , pp 391-408

Richard C. Koo

Ch 22 Macroprudential and Monetary Policies , pp 409-422

Frederic Mishkin

Ch 23 The Eurozone Crisis , pp 423-431

Richard Portes

Ch 24 The Way Forward — Central Banks with Financial Stability Mandates: The Case of the Eurosystem , pp 433-445

Anne Sibert

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