Talk:Macroprudential regulation

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Dr. Rubio's comment on this article
Dr. Rubio has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:

"COMMENT1 As documented by Clement (2010), the term "macroprudential" was first used in the late 1970s in unpublished documents of the Cooke Committee (the precursor of the Basel Committee on Banking Supervision) and the Bank of England.[1] But only in the early 2000s—after two decades of recurrent financial crises in industrial and, most often, emerging market countries[2]—did the macroprudential approach to the regulatory and supervisory framework become increasingly promoted, especially by authorities of the Bank for International Settlements. A wider agreement on its relevance has been reached as a result of the late-2000s financial crisis. ******Claudio Borio (2009), paraphrasing Milton Friedman, pointed out that “we are all macroprudentialists now,” a term that was hardly used ten years ago.*****

COMMENT2 Role of central banks[edit] In pursuing their goal of preserving price stability, central banks remain attentive to the evolution of real and financial markets. Thus, a complementary relationship between macroprudential and monetary policy has been advocated, even if the macroprudential supervisory authority is not given to the central bank itself. This is well reflected by the organizational structure of institutions such as the Financial Stability Oversight Council and European Systemic Risk Board, where central bankers have a decisive participation. The question of whether monetary policy should directly counter financial imbalances remains more controversial, although it has indeed been proposed as a tentative supplementary tool for addressing asset price bubbles. respond to financial shocks, thus reducing the need for monetary policy to respond. See for instance Collard et al (2012), Angelini, Neri and Panetta (2012), Rubio and Carrasco-Gallego (2014)********
 * Some literature examines optimal macroprudential and monetary policies in a New Keynesian framework and conclude that macroprudential policy can effectively

ADD TO REFERENCES: Angelini, P, Neri, S and Panetta, F (2012), ‘Monetary and macroprudential policies’, EuropeanThe macroprudential approach to regulation and supervision, Central Bank Working Paper No. 1,449

Claudio Borio (2009), The macroprudential approach to regulation and supervision

Collard, F, Dellas, H, Diba, B and Loisel, O (2012), ‘Optimal monetary and prudential policies’, CREST Working Paper No. 2012–34. Rubio, M and Carrasco-Gallego, J A (2014), ‘Macroprudential and monetary policies: implications for financial stability and welfare’, Journal of Banking and Finance, Vol. 49, pages 326–36."

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 * Reference : Margarita Rubio, 2014. "Macroprudential Policy Implementation in a Heterogeneous Monetary Union," Discussion Papers 2014/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).

ExpertIdeasBot (talk) 14:22, 14 July 2016 (UTC)

Dr. Angelini's comment on this article
Dr. Angelini has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:

"The paragraph Theoretical rationale relies too heavily on a single source, a working paper. Personally I was not familiar with this three - paradigm distinction, and do not find it too fit for purpose. The key conceptual motivation for macroprudenrial policy is given, correctly, in the paragraph "objectives and justification". A separate Theoretical rationale paragraph may be warranted, but should focus on theoretical literature more broadly. A serious redrafting of the paragraph would entail some significant amount of work. As it stands, I would consider eliminating it.

the par. Indicators of systemic risk could be titled Definition and indicators of systemic risk the par should acknowledge that the search for leading indicators of systemic risk (in the time dimension) is still in progress and represents probably the most difficult hurdle to the implementation of macroprudential policy. It is difficult to identify systemic risk ex ante, and hence to take countermeasures.

par tools. Liquidity coverage ratio is aimed at minimizing liquidity risk, not at preventing excessive accumulation of short-term debt; the latter may be a consequence. Capital requirement surcharges proportional to size of maturity mismatch Minimum haircut requirements on asset-backed securities I would eliminate these two items.

The par costs of macroprudential regulation is rather poor

The ESRB website is a mine of useful publications on the macroprudential subject. While the ESRB is an EU institution, much of the material is conceptual and could used to improve the overall structuer of the article. I quote, just as an example, "ESRB flagship report on macro-prudential policy in the banking Sector", published in 2014."

We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.

We believe Dr. Angelini has expertise on the topic of this article, since he has published relevant scholarly research:


 * Reference : Paolo Angelini & Sergio Nicoletti-Altimari & Ignazio Visco, 2012. "Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs," Questioni di Economia e Finanza (Occasional Papers) 140, Bank of Italy, Economic Research and International Relations Area.

ExpertIdeasBot (talk) 20:27, 24 September 2016 (UTC)

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