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Central Banking, Macroprudential Supervision and Insurance

In: Macroprudential Supervision in Insurance

Author

Listed:
  • Donato Masciandaro
  • Alessio Volpicella

Abstract

Since the financial turmoil of 2008 considerable efforts have been made to draw lessons from it for the design of supervisory architectures. One of the main issues, which have been, and still are being, addressed, is how to prevent the instability of the financial system as a whole, by building up a macroprudential framework. By definition, the macroprudential framework has to address the cross-sectional dimensions which characterise any systemic risk distribution. Therefore, two key features of any macroprudential architecture are: on the one hand, how to define its governance, that is, which authorities have to be involved in order to assign the set of powers and tools that characterises macroprudential policy; and on the other hand, how to identify its perimeter, that is, the boundaries and features of the financial area that has to be supervised.

Suggested Citation

  • Donato Masciandaro & Alessio Volpicella, 2014. "Central Banking, Macroprudential Supervision and Insurance," Palgrave Macmillan Books, in: Jan Monkiewicz & Marian Małecki (ed.), Macroprudential Supervision in Insurance, chapter 9, pages 167-208, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-43910-9_10
    DOI: 10.1057/9781137439109_10
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    Cited by:

    1. Masciandaro, Donato & Volpicella, Alessio, 2016. "Macro prudential governance and central banks: Facts and drivers," Journal of International Money and Finance, Elsevier, vol. 61(C), pages 101-119.
    2. Donato Masciandaro, 2018. "Central Banks And Macroprudential Policies: Economics And Politics," BAFFI CAREFIN Working Papers 1878, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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