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MACROPRUDENTIAL POLICY – A LITERATURE REVIEW
Author(s) -
Galati Gabriele,
Moessner Richhild
Publication year - 2013
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/j.1467-6419.2012.00729.x
Subject(s) - perspective (graphical) , economics , financial crisis , macro , macroprudential regulation , monetary policy , macroeconomics , financial regulation , public economics , systemic risk , computer science , artificial intelligence , programming language
The recent financial crisis has highlighted the need to go beyond a purely micro approach to financial regulation and supervision. As a consequence, the number of policy speeches, research papers and conferences that discuss a macro perspective on financial regulation has grown considerably. The policy debate is focusing in particular on macroprudential tools and their usage, their relationship with monetary policy, their implementation and their effectiveness. Macroprudential policy has recently also attracted considerable attention among researchers. This paper provides an overview of research on this topic. We also identify important future research questions that emerge from both the literature and the current policy debate.