Macroprudentialism

Table of contents

Introduction
Dirk Schoenmaker

Part I: Setting the scene

The use of macroprudential instruments
Charles A E Goodhart

Part II: System objectives

A programme for improving macroprudential regulation
Anil K Kashyap, Dimitrios P Tsomocos and Alexandros P. Vardoulakis

Macroprudential frameworks: (Too) great expectations?
Claudio Borio

Macroprudential policy and monetary policy
Richard Portes

The political economy of macroprudential regimes
Paul Tucker

Macroprudential policy: The neglected sectors
Malou Dirks, Casper de Vries and Fieke van der Lecq

Part III: Instruments

Capital regulation and credit fluctuations
Hans Gersbach and Jean-Charles Rochet

Understanding financial cycles
Stijn Claessens, M Ayhan Kose and Marco E Terrones

Unintended consequences of macroprudential policies
Wolf Wagner

A leverage ratio for the banking system: A macro instrument
Hans Gersbach

The simple analytics of systemic liquidity risk regulation
Enrico Perotti and Javier Suarez

Externalities: An economic rationale for macroprudential policy
Giovanni Favara and Lev Ratnovski

Part IV: European Coordination

A macroprudential policy framework for the EU and its member states
Viral Acharya and Charles W. Calomiris

Europe’s macroprudential policy framework in light of the banking union
André Sapir