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Corporate Governance of Financial Stability

Author

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  • Zdenek Tuma

    (CSOB; Charles University)

Abstract

Financial stability has attracted the attention of central banks and policymakers for decades. The emphasis on the issue substantially increased after the global financial crisis. It led to new developments in the analytical field, as well as in the institutional area. This paper focuses on various aspects of institutional setups and compares two streams; one related to countries with separated supervision from the central bank, the other focusing on integrated supervision into the central bank. Institutional setups differ between these two regimes with the implications to internal corporate governance of central banks. We evaluate pros and cons of both systems and assess the impact on monetary policy and the inflation targeting framework.

Suggested Citation

  • Zdenek Tuma, 2021. "Corporate Governance of Financial Stability," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 71(4), pages 268-281, December.
    • Handle: RePEc:fau:fauart:v:71:y:2021:i:4:p:268-281
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    File URL: https://journal.fsv.cuni.cz/mag/article/show/id/1490
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    More about this item

    Keywords

    monetary policy; supervision; financial stability; inflation targeting; macroprudential policy; central bank;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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