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On The Governance Of Macroprudential Policies

In: Macroprudential Regulatory Policies The New Road to Financial Stability?

Author

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  • Erlend W. Nier

    (International Monetary Fund, USA)

Abstract

The following sections are included:IntroductionPrudential Policies: Objectives, Tasks, PerimetersMicroprudential and macroprudential policiesMacroprudential policies — ObjectiveMacroprudential policies — TasksMacroprudential policies — PerimetersGovernance of Macroprudential PoliciesFirst basic challenge — dynamic system requires powersInformation collection powersDesignation powersRulemaking and calibration powersNeed for a strong mandateSecond basic challenge — Biases towards inactionNeed to align mandate and powersHarnessing institutional expertise and incentives — The role of central banksSeparate governance for monetary and macroprudential policy functionsCrisis management and the role of the treasuryIndependence and accountabilityInternational cooperationConclusionsReferences

Suggested Citation

  • Erlend W. Nier, 2011. "On The Governance Of Macroprudential Policies," World Scientific Book Chapters, in: Stijn Claessens & Douglas D Evanoff & George G Kaufman & Laura E Kodres (ed.), Macroprudential Regulatory Policies The New Road to Financial Stability?, chapter 13, pages 183-206, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814360678_0013
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