Author
Listed:
- Camille Cornand
(GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)
- Cyriac Guillaumin
(CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)
- Julien Idier
(Centre de recherche de la Banque de France - Banque de France)
Abstract
The 2008–2009 financial crisis was unprecedented because of both its size and duration. Some feel it is akin to the 1929 crisis and yet even more severe, especially because of growing financial integration, deregulation, and financial innovations. This crisis foreshadows future financial difficulties, caused especially today by excess liquidity that could lead to a new bubble in financial markets. All the dysfunctions observed on the financial markets over the past ten years have called for a radical renewal of our conception of the regulation of the financial system, in particular by complementing it with a macroprudential approach. Indeed, while the macroprudential view is not new, it has returned to the forefront through the emergence of numerous instruments, at both the macro and micro levels, in response to global financial instability. Over the last decade, policymakers have gained experience in applying macroprudential instruments, in particular in the banking sector, and economic research in the field of financial stability has largely developed. Against this background, it is now time to evaluate the effectiveness of these instruments but also to draw directions for novel fields of research and new macroprudential instruments to tackle new risks. This is the very purpose of this special issue of International Economics. Macroprudential policies are defined as a set of public policies aimed at preventing systemic risks that could compromise a sustainable financing of the national economy. Even with some nuances, this definition frames the action of most macroprudential authorities across the world. Several key aspects of this definition have strong implications in the conduct of such policies (and some are quite subtle!). In the first place, macroprudential policies are used in the plural. This clearly reflects the diversity of the regulatory instruments and sectors targeted by these policies. If they were focused on the banking sector right after the great
(This abstract was borrowed from another version of this item.)
Suggested Citation
Camille Cornand & Cyriac Guillaumin & Julien Idier, 2022.
"Macroprudential policy: New challenges,"
Post-Print
hal-03884402, HAL.
Handle:
RePEc:hal:journl:hal-03884402
DOI: 10.1016/j.inteco.2022.08.006
Note: View the original document on HAL open archive server: https://hal.science/hal-03884402
Download full text from publisher
Other versions of this item:
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03884402. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
We have no bibliographic references for this item. You can help adding them by using this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.