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Macroprudential Policy and Practice
About this book
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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Information
Table of contents
- Cover
- Half-title
- Series information
- Title page
- Copyright information
- Table of contents
- List of Contributors
- Introduction
- 1 The Macroeconomics of Macroprudential Policies
- 2 A Liquidity-Based Approach to Macroprudential Policy
- 3 Financial Intermediation and Monetary and Macroprudential Policies
- 4 The New Art of Central Banking
- 5 The Macroprudential Countercyclical Capital Buffer in Basel III: Implications for Monetary Policy
- 6 On the Use of Monetary and Macroprudential Policies for Small Open Economies
- 7 Capital Flows and Macroprudential Policy: A Framework for Emerging Asia
- 8 Macroprudential Policy in a Globalised World
- 9 Systemic Risk of European Banks: Regulators and Markets
- 10 Macroprudential Tools of Systemic Risk Analysis
- 11 When Is Macroprudential Policy Effective?
- 12 Macroprudential Policy: Practice Ahead of Theory and a Clear Remit
- Index