Taming the Cycles of Finance?

Central Banks and the Macro-prudential Shift in Financial Regulation

Inbunden, Engelska, 2024

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Beskrivning

Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

Produktinformation

Utgivningsdatum:2024-02-22
Mått:158 x 235 x 25 mm
Vikt:650 g
Format:Inbunden
Språk:Engelska
Antal sidor:352
Förlag:Cambridge University Press
ISBN:9781009233132

Utforska kategorier

Organisationsteori inom Ekonomi och Ledarskap
Ekonomisk politik inom Ekonomi och Ledarskap
Makroekonomi inom Ekonomi och Ledarskap

Mer om författaren

Matthias Thiemann is associate professor of European public policy at sciences po's center for European studies. His work focuses on the ideational underpinnings of financial regulation and its policy effects. He published The Growth of Shadow Banking: A Comparative Institutional Analysis (2018) with Cambridge University Press.

Recensioner i media

'By building a political-economic narrative that is empirically authoritative, well written, superimposed on successive events, and linked to policy responses in a world of big stakes and powerful interests, the author has made a welcome contribution. … Highly recommended.' I. Walter, Choice

Innehållsförteckning

1. Introduction; 2. The changing regulation of finance after the crisis: state of the art and beyond; 3. The evolution of systemic risk thinking pre-crisis: an expert network in the making; 4. The selective rise of macro-prudential ideas in the wake of the crisis; 5. Is resilience enough? the implementation of the macro-prudential reform agenda in the US, the UK and the Euro-zone; 6. From the global to the local: enacting the counter-cyclical capital buffer through the creation of early warning systems; 7. Taming liquidity and leverage in the shadow banking sector; 8. Into the upswing; 9. The crisis that wasn't: the covid crisis and its regulatory implications; 10. Conclusion: the asymmetric application of financial stability concerns.