The Macro-Prudential Authority: Powers, Scope and Accountability
Neither the achievement of price stability, via the Monetary Policy Committee (MPC), nor the application of micro-prudential oversight, via the Financial Services Authority (FSA), led to overall financial stability. There is a gap that needs to be filled by a macro-prudential authority (M-PA), the F...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
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| Schlagworte: | |
| Online-Zugang: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 URL des Erstveröffentlichers |
| Zusammenfassung: | Neither the achievement of price stability, via the Monetary Policy Committee (MPC), nor the application of micro-prudential oversight, via the Financial Services Authority (FSA), led to overall financial stability. There is a gap that needs to be filled by a macro-prudential authority (M-PA), the Financial Policy Committee (FPC) in the United Kingdom. The only macro-prudential instrument used heretofore has been the publication of Financial Stability Reviews (FSR). While worthy, these have been ineffective. The M-PA should have the following powers: First, the power to alter the composition of Central Bank (CB) assets, by adding to (subtracting from) its holdings of claims on the private sector. The argument that such actions are 'quasi-fiscal', and should therefore not be undertaken, is not supported. Second, the power to adjust margins (Capital adequacy ratios, liquidity ratios, loan-to-value ratios, etc.) to influence the conduct of financial intermediation. The argument that the use of such powers puts the FPC in a difficult conflict with the Monetary Policy Committee (MPC) is not supported... |
| Beschreibung: | 1 Online-Ressource (27 Seiten) 21 x 28cm |
| DOI: | 10.1787/fmt-2011-5k9cswn0jrr1 |
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| 520 | |a Neither the achievement of price stability, via the Monetary Policy Committee (MPC), nor the application of micro-prudential oversight, via the Financial Services Authority (FSA), led to overall financial stability. There is a gap that needs to be filled by a macro-prudential authority (M-PA), the Financial Policy Committee (FPC) in the United Kingdom. The only macro-prudential instrument used heretofore has been the publication of Financial Stability Reviews (FSR). While worthy, these have been ineffective. The M-PA should have the following powers: First, the power to alter the composition of Central Bank (CB) assets, by adding to (subtracting from) its holdings of claims on the private sector. The argument that such actions are 'quasi-fiscal', and should therefore not be undertaken, is not supported. Second, the power to adjust margins (Capital adequacy ratios, liquidity ratios, loan-to-value ratios, etc.) to influence the conduct of financial intermediation. The argument that the use of such powers puts the FPC in a difficult conflict with the Monetary Policy Committee (MPC) is not supported... | ||
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Datensatz im Suchindex
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| spelling | Goodhart, Charles A.E... Verfasser aut The Macro-Prudential Authority Powers, Scope and Accountability Charles A.E. Goodhart Paris OECD Publishing 2012 1 Online-Ressource (27 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier Neither the achievement of price stability, via the Monetary Policy Committee (MPC), nor the application of micro-prudential oversight, via the Financial Services Authority (FSA), led to overall financial stability. There is a gap that needs to be filled by a macro-prudential authority (M-PA), the Financial Policy Committee (FPC) in the United Kingdom. The only macro-prudential instrument used heretofore has been the publication of Financial Stability Reviews (FSR). While worthy, these have been ineffective. The M-PA should have the following powers: First, the power to alter the composition of Central Bank (CB) assets, by adding to (subtracting from) its holdings of claims on the private sector. The argument that such actions are 'quasi-fiscal', and should therefore not be undertaken, is not supported. Second, the power to adjust margins (Capital adequacy ratios, liquidity ratios, loan-to-value ratios, etc.) to influence the conduct of financial intermediation. The argument that the use of such powers puts the FPC in a difficult conflict with the Monetary Policy Committee (MPC) is not supported... Finance and Investment https://doi.org/10.1787/fmt-2011-5k9cswn0jrr1 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Goodhart, Charles A.E.. The Macro-Prudential Authority Powers, Scope and Accountability Finance and Investment |
| title | The Macro-Prudential Authority Powers, Scope and Accountability |
| title_auth | The Macro-Prudential Authority Powers, Scope and Accountability |
| title_exact_search | The Macro-Prudential Authority Powers, Scope and Accountability |
| title_exact_search_txtP | The Macro-Prudential Authority Powers, Scope and Accountability |
| title_full | The Macro-Prudential Authority Powers, Scope and Accountability Charles A.E. Goodhart |
| title_fullStr | The Macro-Prudential Authority Powers, Scope and Accountability Charles A.E. Goodhart |
| title_full_unstemmed | The Macro-Prudential Authority Powers, Scope and Accountability Charles A.E. Goodhart |
| title_short | The Macro-Prudential Authority |
| title_sort | the macro prudential authority powers scope and accountability |
| title_sub | Powers, Scope and Accountability |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-2011-5k9cswn0jrr1 |
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