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Macroprudential Policy and Practice

$88.00 USD

Part of Macroeconomic Policy Making

Philip Turner, Jean-Pierre Landau, Stefano Neri, Jagjit S. Chadha, José A. Carrasco-Gallego, Margarita Rubio, F. Gulcin Ozkan, D. Filiz Unsal, Matteo F. Ghilardi, Shanaka J. Peiris, Dennis Reinhardt, Rhiannon Sowerbutts, Maarten R. C. van Oordt, Chen Zhou, Marcin Łupiński, Chris McDonald, Richard Barwell
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  • Date Published: July 2018
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781108331166

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About the Authors
  • 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.

    • This book is aimed at both policymakers and academics
    • Puts together key aspects of macroprudential policy
    • Helps readers to understand how macroprudential and monetary policies work together
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    Reviews & endorsements

    '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 (www.centralbanking.com)

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    Product details

    • Date Published: July 2018
    • format: Adobe eBook Reader
    • isbn: 9781108331166
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Introduction
    1. The macroeconomics of macroprudential policies Philip Turner
    2. A liquidity-based approach to macroprudential policy Jean-Pierre Landau
    3. Financial intermediation and monetary and macroprudential policies Stefano Neri
    4. The new art of central banking Jagjit S. Chadha
    5. The macroprudential countercyclical capital buffer in Basel III: implications for monetary policy José A. Carrasco-Gallego and Margarita Rubio
    6. On the use of monetary and macroprudential policies for small open economies F. Gulcin Ozkan and D. Filiz Unsal
    7. Capital flows and macroprudential policy: a framework for emerging Asia Matteo F. Ghilardi and Shanaka J. Peiris
    8. Macroprudential policy in a globalised world Dennis Reinhardt and Rhiannon Sowerbutts
    9. Systemic risk of European banks: regulators and markets Maarten R. C. van Oordt and Chen Zhou
    10. Macroprudential tools of systemic risk analysis Marcin Łupiński
    11. When is macroprudential policy effective? Chris McDonald
    12. Macroprudential policy: practice ahead of theory and a clear remit Richard Barwell
    Index.

  • Editors

    Paul Mizen, University of Nottingham
    Paul Mizen is Professor of Monetary Economics and Director of the Centre for Finance, Credit and Macroeconomics at the University of Nottingham and Chairman of the Money, Macro and Finance Research Group (MMF).

    Margarita Rubio, University of Nottingham
    Margarita Rubio is Assistant Professor of Economics at the University of Nottingham. Previously, she held a full-time position at the Bank of Spain.

    Philip Turner, Universität Basel, Switzerland
    Philip Turner is Visitor at the National Institute of Economic and Social Research (NIESR), and Visiting Lecturer at Universität Basel. Until October 2016, he was Deputy Head of the Monetary and Economic Department and a member of the Senior Management of the Bank for International Settlements (BIS) in Switzerland.

    Contributors

    Philip Turner, Jean-Pierre Landau, Stefano Neri, Jagjit S. Chadha, José A. Carrasco-Gallego, Margarita Rubio, F. Gulcin Ozkan, D. Filiz Unsal, Matteo F. Ghilardi, Shanaka J. Peiris, Dennis Reinhardt, Rhiannon Sowerbutts, Maarten R. C. van Oordt, Chen Zhou, Marcin Łupiński, Chris McDonald, Richard Barwell

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