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CAN MACRO‐PRUDENTIAL REGULATION REDUCE FINANCIAL INSTABILITY?
Author(s) -
FOOT MICHAEL
Publication year - 2012
Publication title -
the manchester school
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.361
H-Index - 42
eISSN - 1467-9957
pISSN - 1463-6786
DOI - 10.1111/j.1467-9957.2012.02326.x
Subject(s) - scope (computer science) , macro , economics , government (linguistics) , action (physics) , financial regulation , financial stability , prudential regulation , finance , financial system , economic policy , macroeconomics , public economics , financial crisis , philosophy , linguistics , physics , quantum mechanics , computer science , programming language
The author traces the development of the term ‘macro‐prudential policy’ since it was first coined three decades ago. He considers whether the UK Government's planned reforms of the financial regulatory system mean that future threats to UK financial stability are likely to be identified earlier and better than has been the case hitherto. He concludes that there are a number of requirements that the UK Government and the Bank of England will have to fulfill if the reforms are to have that effect and that the scope for action in the UK is inevitably determined in part by similar exercises internationally.