The Governance Of Macroprudential Policy
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Legal Foundations Of Macroprudential Policy
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Author : Anat Keller
language : en
Publisher:
Release Date : 2020
Legal Foundations Of Macroprudential Policy written by Anat Keller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Economic policy categories.
Macroprudential policy focuses on the financial system as a whole, as distinct from individual institutions, and its objective is to limit the costs to the real economy from system-wide distress of the financial sector. This book helps readers discover and decipher the multi-faceted and fascinating area of macroprudential policy through taking a theoretical, interdisciplinary and legal-focused approach.
The Governance Of Macroprudential Policy
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Author : Tracy C Maguze
language : en
Publisher: Bloomsbury Publishing
Release Date : 2024-01-11
The Governance Of Macroprudential Policy written by Tracy C Maguze and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-11 with Law categories.
This book critically examines the theoretical foundations and legal framework for macroprudential policy, its tools and governance in the UK, the US, and the EU. It goes deeper into a normative discussion of the legitimacy of macroprudential policy in these jurisdictions, where the mandate for maintaining financial stability has been delegated to independent authorities. The Global Financial Crisis of 2007-2008 reopened debates regarding legitimacy of the independent regulatory state, given its democratic deficit. The response to a perceived legitimacy gap has been to increase political oversight in financial policymaking and regulation. The book posits that the real problem is not a lack of democracy, but rather a lack of social justice. Across the globe, there is growing dissatisfaction with a financial system and regulatory process that appear depersonalised and perpetuate inequalities. Citizens are calling for more socially just systems of governance and the future success of financial policymakers and regulators will hinge on this. Given the marked distributional effects that have been noted in some macroprudential policy tools, the book questions whether macroprudential policy should be solely based on highly rationalised and strongly quantitative reasons. By proposing that macroprudential policymakers should have a social justice mandate alongside their financial stability mandate, as well as legal mechanisms for operationalising the added authority, the book contributes to the growing discourse on the role of social justice in public policy.
Staff Guidance Note On Macroprudential Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-11
Staff Guidance Note On Macroprudential Policy written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-11 with Business & Economics categories.
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Managing The Sovereign Bank Nexus
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-07
Managing The Sovereign Bank Nexus written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-07 with Business & Economics categories.
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Central Bank Policy
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Author : Perry Warjiyo
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-07-25
Central Bank Policy written by Perry Warjiyo and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-25 with Business & Economics categories.
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.
Debt Service And Default Calibrating Macroprudential Policy Using Micro Data
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Author : Erlend Nier
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-22
Debt Service And Default Calibrating Macroprudential Policy Using Micro Data written by Erlend Nier and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-22 with Business & Economics categories.
We provide empirical evidence to support the calibration of a limit on household indebtedness levels, in the form of a cap on the debt-service-to-income (DSTI) ratio, in order to reduce the probability of borrower defaults in Romania. The analysis establishes two findings that are new to the literature. First, we show that the relationship between DSTI and probability of default is non-linear, with probability of default responding to increases in DSTI only after a certain threshold. Second, we establish that consumer loan defaults occur at lower levels of DSTI compared to mortgages. Our results support the recent regulation adopted by the National Bank of Romania, limiting the household DSTI at origination to 40 percent for new mortgages and consumer loans. Our counterfactual analysis indicates that had the limit been in place for all the loans in our sample, the probability of default (PD) would have been lower by 23 percent.
Macroprudential Policy Framework
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Author : Damodaran Krishnamurti
language : en
Publisher: World Bank Publications
Release Date : 2014-05-14
Macroprudential Policy Framework written by Damodaran Krishnamurti and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-14 with Business & Economics categories.
This publication aims to provide policy makers in emerging market and developing economies with inputs to better understand, envision, and implement a macroprudential policy framework. It presents the basic concepts, issues, and challenges, and encourages them to ask the right questions to design an optimal institutional framework,
Macroprudential Regulatory Policies
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Author : Stijn Claessens
language : en
Publisher: World Scientific
Release Date : 2012
Macroprudential Regulatory Policies written by Stijn Claessens and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
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.
The Institutional Structure Of Macroprudential Policy In The Uk
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Author : Kosmas Kaprinis
language : en
Publisher: Springer Nature
Release Date : 2023-06-28
The Institutional Structure Of Macroprudential Policy In The Uk written by Kosmas Kaprinis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-28 with Business & Economics categories.
Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.
Central Banking Lessons From The Crisis
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-07
Central Banking Lessons From The Crisis written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-07 with Business & Economics categories.
The broader governance reform debate—which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability—has not got very far in garnering a consensus at the Executive Board. This is the case even though, in political circles, including the IMFC, and in civil society, expectations are high that the institution will tackle reforms key to its long-term effectiveness and legitimacy. The impasse reflects many factors. Partly it is a matter of not being convinced that governance is nearly as important as quota shares, partly of disagreement over the specifics of various proposals, and partly of concern that the conflation of quotas with governance—the “package approach”—risks delaying the pivotal quota rebalancing exercise, scheduled to be completed before January 2011. This paper lays out the main governance issues, while putting forward variants of reform proposals that might command broader support. It takes as given that, even if quota reform has its own logic and deadline, this does not preclude parallel consideration of—and possibly decisions on—governance reforms, which can help make the case to domestic and international audiences that a broader reform of the Fund is underway.