ON THE GOVERNANCE OF MACROPRUDENTIAL POLICIES

Erlend W. Nier
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Erlend W. Nier: International Monetary Fund, USA

Chapter 13 in Macroprudential Regulatory Policies:The New Road to Financial Stability?, 2011, pp 183-206 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionPrudential Policies: Objectives, Tasks, PerimetersMicroprudential and macroprudential policiesMacroprudential policies — ObjectiveMacroprudential policies — TasksMacroprudential policies — PerimetersGovernance of Macroprudential PoliciesFirst basic challenge — dynamic system requires powersInformation collection powersDesignation powersRulemaking and calibration powersNeed for a strong mandateSecond basic challenge — Biases towards inactionNeed to align mandate and powersHarnessing institutional expertise and incentives — The role of central banksSeparate governance for monetary and macroprudential policy functionsCrisis management and the role of the treasuryIndependence and accountabilityInternational cooperationConclusionsReferences

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
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