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Analysis of Financial Stability

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  • Dimitrios P Tsomocos
  • C.A.E. Goodhart

Abstract

On the macro-economic policy side of Central Banking a remarkable consensus has been emerging over the last two decades. This covers both the applicable theoretical framework for analysing the transmission mechanism of monetary policy and also the appropriate institutional structure for the Central Bank to deploy its macro-economic policies. The consensus about the latter structure generally involves a high degree of operational independence (from Government); the de facto selection of price stability as the primary objective, (except in those countries on a pegged, or fixed exchange rate, or in a currency union); and a choice of a short term interest rate, selected on pre-announced dates within the context of a forward-looking forecasting structure, as the main instrument.

Suggested Citation

  • Dimitrios P Tsomocos & C.A.E. Goodhart, 2007. "Analysis of Financial Stability," Economics Series Working Papers 2007-FE-04, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:2007-fe-04
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    Cited by:

    1. Romar Correa, 2008. "Heterodox Macroeconomics and the Design of Monetary Institutions," Working Papers id:1721, eSocialSciences.
    2. Marco Sorge, 2004. "Stress-testing financial systems: an overview of current methodologies," BIS Working Papers 165, Bank for International Settlements.
    3. Dietrich Domanski & Philip Turner, 2011. "The Great Liquidity Freeze : What Does It Mean for International Banking?," Finance Working Papers 23245, East Asian Bureau of Economic Research.
    4. Bluhm, Marcel & Krahnen, Jan Pieter, 2011. "Default risk in an interconnected banking system with endogeneous asset markets," CFS Working Paper Series 2011/19, Center for Financial Studies (CFS).
    5. Charles Freedman & Clyde Goodlet, 2007. "Financial Stability: What It Is and Why It Matters," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 256, November.
    6. Jacques Sapir, 2017. "The relationship between monetary policy and economic development in modern Europe: Problems and possible solutions," Studies on Russian Economic Development, Springer, vol. 28(5), pages 467-471, September.

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