Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation
Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.
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Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation
Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.
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Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation

Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation

by Matthias Thiemann
Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation
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Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation

Taming the Cycles of Finance?: Central Banks and the Macro-prudential Shift in Financial Regulation

by Matthias Thiemann

Overview

Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

Product Details

ISBN-13: 9781009233132
Publisher: Cambridge University Press
Publication date: 02/22/2024
Pages: 352
Product dimensions: 6.22(w) x 9.25(h) x 0.98(d)

About the Author

Matthias Thiemann is associate professor of European public policy at sciences po's center for European studies. His work focuses on the ideational underpinnings of financial regulation and its policy effects. He published The Growth of Shadow Banking: A Comparative Institutional Analysis (2018) with Cambridge University Press.

Table of Contents

1. Introduction; 2. The changing regulation of finance after the crisis: state of the art and beyond; 3. The evolution of systemic risk thinking pre-crisis: an expert network in the making; 4. The selective rise of macro-prudential ideas in the wake of the crisis; 5. Is resilience enough? the implementation of the macro-prudential reform agenda in the US, the UK and the Euro-zone; 6. From the global to the local: enacting the counter-cyclical capital buffer through the creation of early warning systems; 7. Taming liquidity and leverage in the shadow banking sector; 8. Into the upswing; 9. The crisis that wasn't: the covid crisis and its regulatory implications; 10. Conclusion: the asymmetric application of financial stability concerns.
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