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Insurance and Macroprudential Regulation: Conceptual Issues

In: Macroprudential Supervision in Insurance

Author

Listed:
  • Marcelo Ramella
  • Sebastian Dahlen

Abstract

The macroprudential regulation debate has enjoyed an unprecedented revival in the aftermath of the global financial crisis that started in 2007, engaging, within a comparatively short period of time, academics, policy makers and practitioners involved in developing responses to the crisis (see for example, Ramella and von Dahlen (2010) with particular regard to insurance-specific macroprudential surveillance). Trichet (2011) maintains that we have entered an “era of macroprudential oversight”. According to Baker (2013), there are indications that this macroprudential shift amounts to no less than an “insiders’ coup d’état”. As one might expect, and as is the case with other coup d’états, its legitimacy and soundness have come under criticism. An array of dissenting voices has questioned macroprudential regulation, challenging its conceptual validity and political legitimacy as well as its methodological soundness and institutional viability (Mészáros, 2013; Chiu, 2012; Eichengreen, 2010; Pooran, 2009).

Suggested Citation

  • Marcelo Ramella & Sebastian Dahlen, 2014. "Insurance and Macroprudential Regulation: Conceptual Issues," Palgrave Macmillan Books, in: Jan Monkiewicz & Marian Małecki (ed.), Macroprudential Supervision in Insurance, chapter 4, pages 85-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-43910-9_5
    DOI: 10.1057/9781137439109_5
    as

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