Taming the Cycles of Finance? (Hardcover)

Matthias Thiemann

ISBN 10: 1009233130 / ISBN 13: 9781009233132

Edité par Cambridge University Press, Cambridge, 2024

A propos de cet article

Hardcover. Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth. Central banks act as systemic firefighters, quelling financial instability. This book traces post-crisis attempts to limit instability, turning central banks de facto into policemen. It details the massive investment of central bank economists to enable this preventive policy and shows administrative and political constraints limiting its effects. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability.

N° de réf. du vendeur 9781009233132

Détails bibliographiques

• Titre: Taming the Cycles of Finance? (Hardcover)
• Éditeur: Cambridge University Press, Cambridge
• Date de parution: 2024
• Langue: anglais
• ISBN à 10 chiffres: 1009233130
• ISBN à 13 chiffres: 9781009233132
• Reliure: Hardcover
• État de l'article: new

A propos de ce titre

Synopsis

Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

À propos de l?auteur

Matthias Thiemann is associate professor of European public policy at sciences po's center for European studies. His work focuses on the ideational underpinnings of financial regulation and its policy effects. He published The Growth of Shadow Banking: A Comparative Institutional Analysis (2018) with Cambridge University Press.