Systemic Risk, Crises, and Macroprudential Regulation

Xavier Freixas, Luc Laeven, Jose-Luis Peydro

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English

MIT Press
22 August 2023

Monetary economics; Banking

A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation.

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.

By: Xavier Freixas, Luc Laeven, Jose-Luis Peydro
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm,
Weight: 454g
ISBN: 9780262549011
ISBN 10: 0262549018
Pages: 488
Publication Date: 22 August 2023
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Foreword vii Glossary xi 1 Introduction 1 2 A Primer on Systemic Risk 13 3 Systemic Risk: A Theoretical Framework 47 4 The Buildup of Financial Imbalances 73 5 Contagion 109 6 Systemic Risk and the Real Costs of Financial Crises 143 7 Measuring Systemic Risk 163 8 Systemic Risk and Microprudential Regulation 199 9 Systemic Risk and Macroprudential Regulation 251 10 Monetary Policy and Systemic Risk 291 11 New Challenges for Regulatory Policy 329 Appendix Data 367 Notes 395 References 417 Index 459

Xavier Freixas is Emeritus Professor at Universitat Pompeu Fabra in Barcelona and Research Fellow at CEPR. Luc Laeven is the Director-General of the Directorate General Research of the European Central Bank and coeditor of Deposit Insurance around the World (MIT Press). Jose-Luis Peydr is ICREA Research Professor at the Universitat Pompeu Fabra.