The Role Of Central Banks In Financial Stability: How Has It Changed?, 1st Edition

  • Published By: World Scientific Publishing Company
  • ISBN-10: 981444992X
  • ISBN-13: 9789814449922
  • DDC: 332.11
  • Grade Level Range: College Freshman - College Senior
  • 464 Pages | eBook
  • Original Copyright 2013 | Published/Released January 2015
  • This publication's content originally published in print form: 2013

  • Price:  Sign in for price



The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries? What are perceived to be the major future threats to financial stability? These and related issues are discussed in the book by well-known experts in the field - some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.

Table of Contents

Front Cover.
Other Frontmatter.
Title Page.
Copyright Page.
1: Special Addresses.
2: The (Changing) Role of Central Banks in Financial Stability Policies.
3: The Role of Central Banks in Financial Stability: How Has It Changed?.
4: Pursuing Financial Stability at the Federal Reserve.
5: The Role of Central Banks in Financial Stability: Historical Review and Critique.
6: Financial Stability: Lessons Learned from the Recent Crisis and Implications for the Federal Reserve.
7: Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan.
8: Overcoming the Fear of Free Falling: Monetary Policy Graduationin Emerging Markets.
9: Can We Identify the Financial Cycle?.
10: Central Banks and Asset Price Bubbles.
11: Low Interest Rates and Housing Bubbles: Still No Smoking Gun.
12: Classic FIT and Lean FIT: Is Inflation-Targeting Guilty of Causing the Financial Instability of 2007–2009?.
13: Current, Past, and Potential Future Threats to Financial Stability.
14: Bank Capital Regulations: Learning the Right Lessons from the Crisis.
15: International Monetary Reform: Exchange Rates or Interest Rates?.
16: Threats to Financial Stability in Emerging Markets: The New and Very Active Role of Central Banks.
17: The Social Productivity of the Financial Sector.
18: In Defense of Wall Street: The Social Productivity of the Financial System.
19: Output Growth Variability: The Role of Financial Markets.
20: Occupying the Wrong Street? The Social Productivity of the Financial Sector: Some Comments.
21: Open Issues in the Regulatory Debate: Failure Resolutions, Bailouts, Moral Hazard, and Market Discipline.
22: Bankers and Brokers First: Loose Ends in the Theory of Central Bank Policymaking.
23: The Elusive Scale Economies of the Largest Banks and Their Implications for Global Competitiveness.
24: The Ex Ante versus Ex Post Effect of Public Guarantees.
25: Real and Imaginary Resolution Options for Large Financial Institutions.
26: Policy Panel: Where to from Here?.
27: Is Our Economy's Financial Sector Worth What It Costs Us?.
28: The Eurozone Crisis: Causes, Remedy, and Misperceptions.
29: Macroprudential and Monetary Policies.
30: The Eurozone Crisis.
31: The Way Forward — Central Banks with Financial Stability Mandates: The Case of the Eurosystem.
Conference Agenda.