Macroprudential Policy and Practice

Name: Macroprudential Policy and Practice
Brand: Cambridge University Press
Price: 100.99 EUR
Availability: OnlineOnly

Paul Mizen Margarita Rubio Philip Turner(Herausgeber*in)

Cambridge University Press

Erschienen am 18. Juli 2018

326 Seiten

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Beschreibung

Macroprudential policy is perhaps the most important new development in central bank policymaking circles since the global financial crisis, and reliance on such policies has continued to spread. The crisis, which showed the limits of conventional monetary policy as a tool to deal with financial stability, forced a wide-ranging rethink of economic policies, their interactions and their repercussions. It has led to new forms of intervention, of regulation and of supervisory practice. Macroprudential regulation is now one of the most important topics in modern macroeconomics, because it concerns measures put in place to reduce the risks and costs of the instability caused by financial crises. Written by senior figures from the worlds of academia and banking, this volume combines theoretical approaches with hard evidence of the policy's achievements in many countries. It is the first in-depth analysis of macroprudential instruments for policymakers, banks and economists.

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'Gathering contributions from researchers and policy makers, this book is one of the very first to offer both an illuminating and quite comprehensive journey into the world of macroprudential policy. By presenting some of the most recent analytical advances, different modelling approaches and by discussing the current challenges, this book also aims to serve as a source book for macroprudential policy makers.' Laurent Clerc, Director of Financial Stability at the Banque de France 'Read this unique book which explains why narrow perspectives on money and finance lead to bad policies. Drawing on the latest theories and on recent experience, this book analyses the complex interactions between macroeconomic, monetary and macroprudential policies which go to the heart of the art and science of central banking.' Y. V. Reddy, former Governor of the Reserve Bank of India and Chairman of the 14th Finance Commission 'Macroprudential policies can reduce systemic risk by dampening credit and asset price cycles and increasing the resilience of balance sheets in the downward phase of the cycle. Its analytical depth makes Macroprudential Policy and Practice a leader in this evolving field. Invaluable for policy practitioners as it addresses the key issues in designing and calibrating macro-prudential policy, including the scope for complementing monetary policy.' Graeme Wheeler, former Governor of the Reserve Bank of New Zealand and Managing Director of the World Bank 'Brings together officials, academics, and private-sector practitioners to highlight insightfully what has been learned about using macroprudential policy to prevent another mega boom-bust cycle in financial markets. A truly outstanding contribution.' Morris Goldstein, former Deputy Director of Research at the IMF and former Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics, Washington 'The book provides a valuable overview of the current state of thinking about macro-prudential policy, and some important and sobering reflections on its likely utility.' William Allen, Central Banking Journal

Macroprudential Policy and Practice

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