Financial Regulation and Stability: Lessons from the Global Financial Crisis

Financial Regulation and Stability: Lessons from the Global Financial Crisis

Hardcover

$145.00

Overview

Charles Goodhart and Dimitrios P. Tsomocos examine the interaction of monetary and regulatory policy to achieve the important goals of price and financial stability. Their focus is on the relationship between liquidity and default in the post-crisis context, with special emphasis on macroprudential regulation.


Exploring how financial stability can be continually assessed and measured, Financial Regulation and Stability discusses the interrelationships between liquidity and default. Without default there would be no concern about liquidity. But the financial crisis was not just a liquidity problem, it requires a general equilibrium model. The authors’ model delineates all the potential interrelationships between the real and financial sectors of the economy, with special emphasis on the interaction between liquidity and default.


Economists and central bankers will greatly benefit from the practical advice offered in this book to aid financial stability. Advanced students of financial economics will also find this a vital read to understand the consequences of the 2007–8 financial crisis in more depth and the lessons to be learnt.

Product Details

ISBN-13: 9781788973649
Publisher: Elgar, Edward Publishing, Inc.
Publication date: 03/29/2019
Pages: 352
Product dimensions: 9.62(w) x 6.62(h) x (d)

About the Author

Charles Goodhart, Emeritus Professor of Banking and Finance, and long-standing member of the Financial Markets Group, at the London School of Economics, UK and Dimitrios P. Tsomocos, Professor in Financial Economics and Fellow in Management, Saïd Business School and St. Edmund Hall, University of Oxford, UK

Table of Contents

Contents: 1. Introduction By Charles A. E. Goodhart and Dimitrios P. Tsomocos 2. “Principles for Macroprudential Regulation”, (A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), Banque de France Financial Stability Review, No.18, pp. 173-182, April 3. “The Macroprudential Toolkit”, (R. Berner, A. Kashyap and C.A.E. Goodhart), I.M.F. Economic Review, Vol. 59, No 2, 2011 4. “Financial Regulation in General Equilibrium”, (C.A.E. Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), NBER WP17909, University of Oxford, Said Business School, 2011 5. “An Integrated Framework for Multiple Financial Regulations”, (C.A.E.Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), International Journal of Central Banking, Vol. 9, Supplement 1, pp.109-143, 2013 6. “The Lender of Last Resort in a General Equilibrium Framework”, (Akshay Kotak, Han Ozsoylev and D.P.Tsomocos)Saïd Business School WP 2017-18 7. “A Reconsideration of Minsky's Financial Instability Hypothesis”, (with S. Bhattacharya, C.A.E. Goodhart and A.P.Vardoulakis), Journal of Money, Credit and Banking, Volume 47, Issue 5, pages 931{973, August 2015 8. “Liquidity and default in an exchange economy”, (Juan Francisco Martinez S. and D.P. Tsomocos), Journal of Financial Stability, In press, 2016 9. “Monetary Transaction Costs and the Term Premium”, (R. Espinoza and D. P. Tsomocos), Economic Theory 59(2), pp 355-375, June 2015 10. “Debt Defation Effects of Monetary Policy”, (Li Lin, D.P. Tsomocos and Alexandros Vardoulakis), Journal of Financial Stability 21 (2015): 81-94, also appeared as Federal Reserve Board Staff Working Paper (2014-37), May, 2014 11. “International Monetary Equilibrium with Default”, (M.U. Peiris and D. P. Tsomocos), Journal of Mathematical Economics 56, pp 47-57, 2015 12. “Global Capital Imbalances and Taxing Capital Flows”, (C.A.E. Goodhart, M.U. Peiris and D.P. Tsomocos), International Journal of Central Banking, Vol. 9, Number 2, pp.13-45, 2013 13. “International Monetary Regimes”, (C.A.E. Goodhart and D.P. Tsomocos), Capitalism and Society, Vol. 9, No. 2, Article 2, 2014 14. “Debt, Recovery Rates and the Greek Dilemma”, (C.A.E. Goodhart and M.U. Peiris and D.P. Tsomocos), Journal of Financial Stability, forthcoming Index




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