Central banks act as systemic firefighters, quelling financial instability. This book traces post-crisis attempts to limit instability, turning central banks de facto into policemen. It details the massive investment of central bank economists to enable this preventive policy and shows administrative and political constraints limiting its effects.
Central banks act as systemic firefighters, quelling financial instability. This book traces post-crisis attempts to limit instability, turning central banks de facto into policemen. It details the massive investment of central bank economists to enable this preventive policy and shows administrative and political constraints limiting its effects.
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.
Inhaltsangabe
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.
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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