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Financial stability frameworks and the role of central banks : lessons from the crisis

Author: Erlend Nier; International Monetary Fund. Monetary and Capital Markets Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2009.
Series: IMF working paper, WP/09/70.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Nier, Erlend.
Financial stability frameworks and the role of central banks.
[Washington, D.C.] : International Monetary Fund, ©2009
(OCoLC)608248473
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Erlend Nier; International Monetary Fund. Monetary and Capital Markets Department.
OCLC Number: 608248504
Description: 1 online resource (64 pages) : color illustrations.
Series Title: IMF working paper, WP/09/70.
Responsibility: prepared by Erlend W. Nier.

Abstract:

This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed.

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