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- DescriptionThe recent financial crisis has shattered all standard approaches to banking regulation. Regulators w recognize that banking regulation cant be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our kwledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroecomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.
- Author BiographyXavier Freixas is Professor of Financial Economics at the Universitat Pompeu Fabra, and Barcelona Graduate School of Economics and coauthor of Microeconomics of Banking (MIT Press). Luc Laeven is Lead Economist in the Research Department of the International Monetary Fund and coeditor of Deposit Insurance around the World (MIT Press). Jose-Luis Peydro is ICREA Research Professor at the Universitat Pompeu Fabra.
- Author(s)Jose-Luis Peydro,Luc Laeven,Xavier Freixas
- PublisherMIT Press Ltd
- Date of Publication11/08/2015
- SubjectEconomics: Professional & General
- Place of PublicationCambridge, Mass.
- Country of PublicationUnited States
- ImprintMIT Press
- Content Note20 figures, 8 tables
- Weight880 g
- Width152 mm
- Height229 mm
- Spine20 mm
- Interest AgeFrom 18
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