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Zusatztext Advance praise: '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 Informationen zum Autor 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 is Assistant Professor of Economics at the University of Nottingham. Previously! she held a full-time position at the Bank of Spain. 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. Klappentext 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. Zusammenfassung Macroprudential policy is perhaps the most important development in central bank policymaking circles since the global financial crisis! and reliance on such policies continues to spread. This is a guide to the latest theoretical developments! showing how they relate to monetary policy! and supported by empirical evidence from many countries. Inhaltsverzeichnis 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 ¿upi¿ski; 11. When is macroprudential policy effective? Chris McDonald; 12. Macroprudential policy: practice ahead of theory and a clear remit Richard Barwell; Index....
