Implementing a Macroprudential Framework
Blending Boldness and Realism
Bibliographic Data
| ID | 8246730 |
|---|---|
| Authors | Claudio Borio (0000-0003-3239-8810, Bank for International Settlements, corresponding author) |
| Year | 2011 |
| Volume | 6 |
| Issue | 1 |
| Publication date | 2011-01-23 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Capitalism and Society (JOURNAL) |
| Journal identifiers | ISSN: 1932-0213 • E-ISSN: 2194-6140 |
| Publisher | Walter de Gruyter GmbH (PUBLISHER • DE) |
| DOI | 10.2202/1932-0213.1083 |
| OpenAlex | W2167887418 |
| Language | EN |
| Citations received | 20 |
There is now a broad consensus in the policy community that strengthening the macroprudential orientation of regulatory and supervisory frameworks is essential for the promotion of financial stability. The window of opportunity to put in place fully fledged macroprudential frameworks should not be missed. Meeting this challenge calls for a finely balanced blend of boldness and realism. Boldness is required to face the hard design questions head-on; realism to avoid overreach and to manage expectations. Policymakers should be as ambitious as possible, but no more. In all this, research has an important role to play in allowing the framework to grow at a pace commensurate with our knowledge. This speech considers how to strike the balance between boldness and realism in several aspects of the framework: in the criterion for judging its success; in how closely systemic risk should be tracked; in the mix between an aggregate and a sectoral approach; in that between rules and discretion; and in governance arrangements. It also highlights some key questions for research.Comments on this paper can be found at: http://ssrn.com/abstract=2208661
Boldness · Business · Corporate governance · Discretion · Economics · Epistemology · Management · Political science · Politics · Promotion (chess · Public relations · Realism · Window of opportunity · Banking stability, regulation, efficiency · Credit Risk and Financial Regulations · Engineering · Global Financial Crisis and Policies · Law · Psychology · Social Psychology
Towards agent-based integrated assessment models
The ontology of financial markets and the policy paradigm of financial regulation
Macroprudential Ideas and Contested Social Purpose
The Institutionalist Roots of Macroprudential Ideas
Technocratic Keynesianism
The New Political Economy of the Macroprudential Ideational Shift
Varieties of Economic Crisis, Varieties of Ideational Change
Unconventional central banking and the politics of liquidity
Macroprudential regimes and the politics of social purpose
Policy Diffusion, Policy Learning and Local Politics
Finance, climate-change and radical uncertainty
La crise financière et les politiques macroprudentielles
A scientometric review on literature of macroprudential policy
Fostering green investments and tackling climate-related financial risks
Why does the United Kingdom (UK) have inconsistent preferences on financial regulation? The case of banking and capital markets
Soziologie der Zentralbanken. Makroökonomisches Wissen und Geldpolitik
The political economy of climate-related financial policies
The gradual transformation? The incremental dynamics of macroprudential regulation
Envisaging global balance-sheet capitalism
Historical Ontologies of Uncertainty and Money
| Unique citing works | 20 |
|---|---|
| Citations per year | 1,33 |
| Citation span | 2011 - 2026 (16) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 20 |