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

Willem Buiter

Chapter 2 in The Role of Central Banks in Financial Stability:How Has It Changed?, 2013, pp 11-56 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:The Rediscovery of Financial Stability by the Central Banking Community of the Advanced EconomiesFinancial Stability: What is It?PreventionRegulate Risky Behavior, Not InstitutionsRegulation and Resolution Need to be Global in ScopeMacroprudential InstrumentsLeaning against the wind in asset markets and credit marketsThe Fiscal Role of the Central BankA little seigniorage arithmeticHow Different is the Fiscal Role of the Central Bank in the U.S. from that in the Euro Area?The ability and willingness to use the anticipated and unanticipated inflation taxesTechnical/economic obstacles to an inflationary solution of the U.S. and euro area sovereign debt problems: The seigniorage Laffer curveQuasi-Fiscal Activities of the Central BankInstruments of the Modern Central BankThe Institutional Division of Labor for Financial Stability: Who Does What?Competence and IndependenceLegitimacy, Accountability, TransparencyConclusionReferences

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