Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis
This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financi...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/70 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed |
| Beschreibung: | 1 Online-Ressource (64 p) |
| ISBN: | 1451872178 9781451872170 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:28Z |
| indexdate | 2024-07-10T09:35:37Z |
| institution | BVB |
| isbn | 1451872178 9781451872170 |
| language | English |
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| oclc_num | 1337136077 |
| open_access_boolean | |
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| physical | 1 Online-Ressource (64 p) |
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| publishDate | 2009 |
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| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Nier, Erlend Verfasser aut Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis Nier, Erlend Washington, D.C International Monetary Fund 2009 1 Online-Ressource (64 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/70 This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed Online-Ausg http://elibrary.imf.org/view/IMF001/10024-9781451872170/10024-9781451872170/10024-9781451872170.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Nier, Erlend Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis |
| title | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis |
| title_auth | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis |
| title_exact_search | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis |
| title_exact_search_txtP | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis |
| title_full | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis Nier, Erlend |
| title_fullStr | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis Nier, Erlend |
| title_full_unstemmed | Financial Stability Frameworks and the Role of Central Banks Lessons From the Crisis Nier, Erlend |
| title_short | Financial Stability Frameworks and the Role of Central Banks |
| title_sort | financial stability frameworks and the role of central banks lessons from the crisis |
| title_sub | Lessons From the Crisis |
| url | http://elibrary.imf.org/view/IMF001/10024-9781451872170/10024-9781451872170/10024-9781451872170.xml |
| work_keys_str_mv | AT niererlend financialstabilityframeworksandtheroleofcentralbankslessonsfromthecrisis |