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Regulating Systemic Risk

In: The International Financial Crisis Have the Rules of Finance Changed?

Author

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  • Masahiro Kawai

    (Asian Development Bank Institute, Tokyo)

  • Michael Pomerleano

    (World Bank, USA)

Abstract

The following sections are included:IntroductionImportance of Crisis PreventionPolicy mistakes behind the global financial crisisFlaws in financial regulation and supervisionFailure of monetary policy to contain financial imbalancesWeak global financial architecturePrinciples of crisis containmentMacroeconomic and financial surveillance and macroprudential supervisionSystemic Stability Regulation — PrinciplesClear objectives and mandates of a systemic stability regulatorSufficient regulatory resources to fulfill responsibilitiesEffective implementation by the systemic stability regulatorEffective organization of a systemic stability regulatorAlternative Models of Systemic Stability RegulationGlobal practices of central banks in financial stabilityReform proposals in the U.S., the U.K., and the European UnionU.S. stability reform planU.K. stability reform planEuropean Union reformsAlternative modelsConclusionsReferences

Suggested Citation

  • Masahiro Kawai & Michael Pomerleano, 2011. "Regulating Systemic Risk," World Scientific Book Chapters, in: Asli Demirgüç-Kunt & Douglas D Evanoff & George G Kaufman (ed.), The International Financial Crisis Have the Rules of Finance Changed?, chapter 10, pages 127-153, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814322096_0010
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    References listed on IDEAS

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    1. Jeffrey Carmichael & Michael Pomerleano, 2002. "The Development and Regulation of Non-Bank Financial Institutions," World Bank Publications - Books, The World Bank Group, number 15236.
    2. Mayes, David G. & Nieto, María J. & Wall, Larry, 2008. "Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?," Journal of Financial Stability, Elsevier, vol. 4(3), pages 232-257, September.
    3. Mr. Martin Cihak & Richard Podpiera, 2006. "Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 2006/057, International Monetary Fund.
    4. Mr. Fabian Valencia & Mr. Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 2008/224, International Monetary Fund.
    5. Martin Èihák & Richard Podpiera, 2006. "Is One Watchdog Better than Three? International Experience with Integrated Financial-Sector Supervision (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(3-4), pages 102-126, March.
    6. Masahiro Kawai, 2005. "Reform of the Japanese banking system," International Economics and Economic Policy, Springer, vol. 2(4), pages 307-335, December.
    7. Kawai, Masahiro, 2000. "The resolution of the East Asian crisis: financial and corporate sector restructuring," Journal of Asian Economics, Elsevier, vol. 11(2), pages 133-168.
    8. Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
    9. Jerry H Tempelman, 2009. "Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 44(3), pages 182-183, July.
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    Cited by:

    1. International Association of Deposit Insurers, 2012. "Handling of Systemic Crises," IADI Research Papers 12-10, International Association of Deposit Insurers.
    2. Morgan, Peter J., 2012. "The role of macroeconomic policy in rebalancing growth," Journal of Asian Economics, Elsevier, vol. 23(1), pages 13-25.
    3. Dragan Miodrag Momirovic, 2012. "New Architecture Of Global Financial Supervision-Macroprudential Oversight," EuroEconomica, Danubius University of Galati, issue 2(31), pages 88-107, May.

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    More about this item

    Keywords

    Financial Crisis; Financial Regulation; International Banking; Financial Regulatory Reform;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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