Essays on Macroprudential Regulation and Financial Stability

Released on by Manuel Álvaro Muñoz García
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  • Essays on Macroprudential Regulation and Financial Stability Book Detail

  • Author : Manuel Álvaro Muñoz García
  • Release Date : 2020
  • Publisher :
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  • Pages :
  • ISBN 13 :
  • File Size : 81,81 MB
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Essays on Macroprudential Regulation and Financial Stability by Manuel Álvaro Muñoz García PDF Summary

Book Description: As a consequence of the Global Financial Crisis (GFC), macroprudential policy emergedas the third pillar of macroeconomic policies (the other two pillars are monetary policy and fiscal policy). The aim of macroprudential policy is to smooth the financial cycle andto prevent the endogenous build-up of systemic risk. While some of the financial reforms undertaken in the aftermath of the GFC have represented important steps on this front,the COVID-19 crisis has highlighted the need for rethinking macroprudential regulation. Recent developments suggest that the Basel III Accord does not provide banks with the right incentives for them to draw on their capital buffers when such action is needed the most (i.e., bank capital counter cyclical regulation is proving to be less effective than initially expected). In addition, the pandemic crisis has underscored the importance of strengthening the macroprudential policy framework for non-banks...

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Key Aspects of Macroprudential Policy

Key Aspects of Macroprudential Policy

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The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential p