WHAT ROLE, IF ANY, CAN MARKET DISCIPLINE PLAY IN SUPPORTING MACROPRUDENTIAL POLICY?

María J. Nieto
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María J. Nieto: Banco de España, Spain

Chapter 20 in Macroprudential Regulatory Policies:The New Road to Financial Stability?, 2011, pp 331-353 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionEffectiveness of Market Discipline in Its Supporting Role of Macroprudential Policy: Preconditions for Effective Market DisciplineAdequate and timely information on financial institutions' risk profilesFinancial institutions' creditors must consider themselves at risk and the reaction to market signals needs to be observableBalance Sheet and Market Indicators in Macroprudential Policy: The Relevance of Market DisciplineMarket prices and balance sheet indicators as measuring tools of systemic importanceMarket prices and balance sheet indicators of financial instabilityPolicy ConclusionsReferencesAnnex 1: List of EU banks with CDS quoted in the market (September 2010 Source: Dealogic)

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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