Systemic Risk Crises And Macroprudential Regulation

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Systemic Risk, Crises, and Macroprudential Regulation

Xavier Freixas,Luc Laeven,Jose-Luis Peydro
Systemic Risk Crises and Macroprudential Regulation Book PDF

Author : Xavier Freixas,Luc Laeven,Jose-Luis Peydro
Publisher : MIT Press
Page : 487 pages
File Size : 40,8 Mb
Release : 2023-08-22
Category : Business & Economics
ISBN : 9780262549011

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Systemic Risk, Crises, and Macroprudential Regulation by Xavier Freixas,Luc Laeven,Jose-Luis Peydro Pdf

A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot 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 knowledge 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 macroeconomic 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.

Systemic Risk, Crises, and Macroprudential Regulation

Xavier Freixas,Luc Laeven,José-Luis Peydró
Systemic Risk Crises and Macroprudential Regulation Book PDF

Author : Xavier Freixas,Luc Laeven,José-Luis Peydró
Publisher : Unknown
Page : 472 pages
File Size : 55,6 Mb
Release : 2015
Category : Business & Economics
ISBN : 0262328607

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Systemic Risk, Crises, and Macroprudential Regulation by Xavier Freixas,Luc Laeven,José-Luis Peydró Pdf

The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot 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 knowledge 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 macroeconomic 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.

Systemic Risk and Macroprudential Regulations

Rabi N. Mishra
Systemic Risk and Macroprudential Regulations Book PDF

Author : Rabi N. Mishra
Publisher : Sage Publications Pvt. Limited
Page : 508 pages
File Size : 53,7 Mb
Release : 2019-08-15
Category : Electronic
ISBN : 9353289122

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Systemic Risk and Macroprudential Regulations by Rabi N. Mishra Pdf

Emphasizes 'systemic risk' as the new-found villain of the financial space and how macroprudential tools can aid in risk management

Systemic Risk in the Financial Sector

Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Systemic Risk in the Financial Sector Book PDF

Author : Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Publisher : Cigi Press
Page : 0 pages
File Size : 49,6 Mb
Release : 2019
Category : Economic policy
ISBN : 1928096883

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Systemic Risk in the Financial Sector by Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz Pdf

The 2008 global financial crisis brought the world's economy closer to collapse than ever before. Has enough been done to prevent another crisis?

Systemic Risk and Macroprudential Regulations

Rabi N. Mishra
Systemic Risk and Macroprudential Regulations Book PDF

Author : Rabi N. Mishra
Publisher : Unknown
Page : 457 pages
File Size : 44,7 Mb
Release : 2019
Category : Financial crises
ISBN : 9353287693

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Systemic Risk and Macroprudential Regulations by Rabi N. Mishra Pdf

The Global Financial Crisis is undoubtedly the most severe financial crisis the world witnessed since the Great Depression of 1929. The crisis has been analysed by a number of experts offering distinct narratives and counter-narratives. Systemic Risk and Macroprudential Regulations examines causes and consequences of the global financial crisis and proposes a regulatory reforms policy macroprudential regulations. The book emphasizes 'systemic risk' as the new-found villain of the financial space and narrates how such risk can be addressed through macroprudential tools. It, thus, offers a possible solution to avoid financial crises in future and facilitates building a safer financial system globally. The book also examines major crisis management frameworks, stress testing, relevant regulatory and supervisory development, and early warning mechanism with detailed cross-country analysis.

Systemic Risk: History, Measurement And Regulation

Kreis Yvonne,Leisen Dietmar,Ponce Jorge
Systemic Risk History Measurement And Regulation Book PDF

Author : Kreis Yvonne,Leisen Dietmar,Ponce Jorge
Publisher : World Scientific
Page : 196 pages
File Size : 53,9 Mb
Release : 2019-06-04
Category : Business & Economics
ISBN : 9789811201073

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Systemic Risk: History, Measurement And Regulation by Kreis Yvonne,Leisen Dietmar,Ponce Jorge Pdf

Systemic Risk: History, Measurement and Regulation presents an overview of this emerging form of risk from a global perspective. Systemic risks endanger entire financial systems, not just individual financial institutions. In this volume, the authors review how systemic risk has evolved over the last 40 years across continents to come to the forefront of regulatory attention. They then discuss transmissions channels, provide a review of systemic risk measures, and describe new regulations that have been introduced, as well as the theory and practice of financial stability committees that have been set up internationally. Overall, the book provides a practical guide to understand, identify, assess and control systemic risk.While the financial research on systemic risk has strongly increased since the events of 2008, this book is a first in providing a detailed yet concise overview of the topic, covering the history of systemic risk, its measurement, and its regulation. The authors provide both academic and practitioner-oriented insights, and draw on their different regions of expertise to provide a global perspective on systemic risk.

The Regulatory Responses to the Global Financial Crisis

Mr.Stijn Claessens,Ms.Laura E. Kodres
The Regulatory Responses to the Global Financial Crisis Book PDF

Author : Mr.Stijn Claessens,Ms.Laura E. Kodres
Publisher : International Monetary Fund
Page : 39 pages
File Size : 42,8 Mb
Release : 2014-03-14
Category : Business & Economics
ISBN : 9781484336656

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The Regulatory Responses to the Global Financial Crisis by Mr.Stijn Claessens,Ms.Laura E. Kodres Pdf

We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.

Understanding Systemic Risk in Global Financial Markets

Aron Gottesman,Michael Leibrock
Understanding Systemic Risk in Global Financial Markets Book PDF

Author : Aron Gottesman,Michael Leibrock
Publisher : John Wiley & Sons
Page : 272 pages
File Size : 41,8 Mb
Release : 2017-06-07
Category : Business & Economics
ISBN : 9781119348542

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Understanding Systemic Risk in Global Financial Markets by Aron Gottesman,Michael Leibrock Pdf

An accessible and detailed overview of the risks posed by financial institutions Understanding Systemic Risk in Global Financial Markets offers an accessible yet detailed overview of the risks to financial stability posed by financial institutions designated as systemically important. The types of firms covered are primarily systemically important banks, non-banks, and financial market utilities such as central counterparties. Written by Aron Gottesman and Michael Leibrock, experts on the topic of systemic risk, this vital resource puts the spotlight on coherency, practitioner relevance, conceptual explanations, and practical exposition. Step by step, the authors explore the specific regulations enacted before and after the credit crisis of 2007-2009 to promote financial stability. The text also examines the criteria used by financial regulators to designate firms as systemically important. The quantitative and qualitative methods to measure the ongoing risks posed by systemically important financial institutions are surveyed. A review of the regulations that identify systemically important financial institutions The tools to use to detect early warning indications of default A review of historical systemic events their common causes Techniques to measure interconnectedness Approaches for ranking the order the institutions which pose the greatest degree of default risk to the industry Understanding Systemic Risk in Global Financial Markets offers a must-have guide to the fundamentals of systemic risk and the key critical policies that work to reduce systemic risk and promoting financial stability.

Key Aspects of Macroprudential Policy - Background Paper

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Key Aspects of Macroprudential Policy Background Paper Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 64 pages
File Size : 50,6 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341714

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Key Aspects of Macroprudential Policy - Background Paper by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.

Macroprudential Policy - An Organizing Framework

International Monetary Fund. Monetary and Capital Markets Department
Macroprudential Policy An Organizing Framework Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 60 pages
File Size : 52,6 Mb
Release : 2011-03-14
Category : Business & Economics
ISBN : 9781498339162

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Macroprudential Policy - An Organizing Framework by International Monetary Fund. Monetary and Capital Markets Department Pdf

Macroprudential policy is a complement to microprudential policy and it interacts with other types of public policy that have an impact on systemic financial stability. Indeed, prudential regulation, as carried out in the past, also had some macroprudential aspects, and the recent crisis has reinforced this focus; hence, a clear separation between “micro” and “macro” prudential, if useful conceptually, is difficult to delineate in practice. Moreover, no matter how different policy mandates are structured, financial stability tends to be a common responsibility, reflecting the far reaching consequences of financial crises. This calls for coordination across policies, to ensure that systemic risk is comprehensively addressed. Equally important, macroprudential policy is no substitute for sound policies more broadly, including, in particular, strong prudential regulation and supervision, and sound macroeconomic policies. Operational independence in other policy areas, including monetary and microprudential policy, should not be undermined in the name of macroprudential policy. Finally, given the global nature of the financial system, the multilateral aspects of macroprudential policy will need to be fully considered—an important aspect that is only touched upon in this paper.

Systemic Risk in the Financial Sector

Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Systemic Risk in the Financial Sector Book PDF

Author : Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Publisher : McGill-Queen's Press - MQUP
Page : 301 pages
File Size : 53,7 Mb
Release : 2019-10-02
Category : Political Science
ISBN : 9781928096917

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Systemic Risk in the Financial Sector by Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz Pdf

In late 2008, the world's financial system was teetering on the brink of systemic collapse. While the impacts of the global financial crisis would be felt immediately, at every level of the economy, it would also send years-long aftershocks through investment, banking and regulatory circles worldwide. More than a decade after the worst year of the global financial crisis, what has been learned from its harsh lessons? Are governments and regulators more prepared for another financial system failure that would significantly affect the real economy? What may be the potential triggers for such a collapse to occur in the future? Systemic Risk in the Financial Sector: Ten Years after the Great Crash draws on some of the world's leading experts on financial stability and regulation to examine and critique the progress made since 2008 in addressing systemic risk. The book covers topics such as central banks and macroprudential policies; fintech; regulators' perspectives from the United States and the European Union; the logistical and incentive challenges that impede standardization and collection; clearing houses and systemic risk; optimal resolution and bail-in tools; and bank leverage, welfare and regulation. Drawing on experts across disciplines — including Howell Jackson, John Geanakoplos, Charles Goodhart, Anat Admati, Roberta Romano and Martin Hellwig — Systemic Risk in the Financial Sector is the definitive guide to understanding the global financial crisis, the safeguards being put into place to try to avoid similar crises in the future, and the limitations of those safeguards.

The Global Macro Economy and Finance

Franklin Allen,Masahiko Aoki,Nobuhiro Kiyotaki
The Global Macro Economy and Finance Book PDF

Author : Franklin Allen,Masahiko Aoki,Nobuhiro Kiyotaki
Publisher : Springer
Page : 338 pages
File Size : 52,5 Mb
Release : 2016-04-30
Category : Business & Economics
ISBN : 9781137034250

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The Global Macro Economy and Finance by Franklin Allen,Masahiko Aoki,Nobuhiro Kiyotaki Pdf

This volume explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human well-being. Leading economists analyse the light that the recent crisis has shed on the global economic architecture, and the policies needed to address these systemic risks.

Systemic Risk, Institutional Design, and the Regulation of Financial Markets

Anita Anand
Systemic Risk Institutional Design and the Regulation of Financial Markets Book PDF

Author : Anita Anand
Publisher : Oxford University Press
Page : 350 pages
File Size : 44,8 Mb
Release : 2016-11-24
Category : Law
ISBN : 9780191083303

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Systemic Risk, Institutional Design, and the Regulation of Financial Markets by Anita Anand Pdf

Following the recent financial crisis, regulators have been preoccupied with the concept of systemic risk in financial markets, believing that such risk could cause the markets that they oversee to implode. At the same time, they have demonstrated a certain inability to develop and implement comprehensive policies to address systemic risk. This inability is due not only to the indeterminacy inherent in the term 'systemic risk' but also to existing institutional structures which, because of their existing legal mandates, ultimately make it difficult to monitor and regulate systemic risk across an entire economic system. Bringing together leading figures in the field of financial regulation, this collection of essays explores the related concepts of systemic risk and institutional design of financial markets, responding to a number of questions: In terms of systemic risk, what precisely is the problem and what can be done about it? How should systemic risk be regulated? What should be the role of the central bank, banking authorities, and securities regulators? Should countries implement a macroprudential regulator? If not, how is macroprudential regulation to be addressed within their respective legislative schemes? What policy mechanisms can be employed when developing regulation relating to financial markets? A significant and timely examination of one of the most intractable challenges posed to financial regulation.

Key Aspects of Macroprudential Policy

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Key Aspects of Macroprudential Policy Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 62 pages
File Size : 41,9 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341707

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Key Aspects of Macroprudential Policy by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF’s country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.

Preventing the Next Financial Crisis

Erlend Nier,Gregg Forte
Preventing the Next Financial Crisis Book PDF

Author : Erlend Nier,Gregg Forte
Publisher : International Monetary Fund
Page : 42 pages
File Size : 49,5 Mb
Release : 2016-04-05
Category : Business & Economics
ISBN : 9781484314890

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Preventing the Next Financial Crisis by Erlend Nier,Gregg Forte Pdf

The financial crisis that began in 2007 brought much of the global economy to its knees and nearly triggered another Great Depression. The financial storm gradually died down in 2009, at least in the United States, but even six years after that, much of the world had yet to fully recover from the enormous economic damage caused by the crisis.This essay describes what happened and outlines a new approach to financial regulation (macroprudential policy) that aims to prevent such crises from happening again.