The maintenance of financial stability is a key objective of monetary policy, but the record of regulators in achieving this has been lamentable in recent years. This failure has been matched by an equivalent inability to establish an appropriate theoretical basis for financial regulation. In this book, the authors demonstrate how to enhance the theory, modelling and practice of such regulation. The main determinant of financial instability is the default of financial institutions. The authors highlight the importance of the appropriate incorporation of default into macro-financial models and its interaction with liquidity. Besides covering the historical development and current stance of financial regulation, the book includes a number of policy-oriented chapters revealing how the authors' modelling approach can improve the process. This authoritative book will serve as a basis for future work on financial stability management for both academics and policy-makers and provide guidance on how to undertake crisis prevention and resolution.
Contents 1. Introduction PART I: THE DEVELOPMENT OF FINANCIAL REGULATION 2. 'Financial Supervision from an Historical Perspective: Was the development of such supervision designed, or largely accidental', (C.A.E. Goodhart) 3. 'The Rationale for Regulation', (Charles Goodhart, Phillipp Hartmann, David Llewellyn, Liliana Rojas-Suarez) 4. 'Some New Directions for Financial Stability', (C.A.E. Goodhart) 5. 'The Role of Macro-Prudential Supervision' 6. 'How Should we Regulate the Financial Sector', (C.A.E. Goodhart) PART II: MODELLING 7. 'A Model to Analyse Financial Fragility', (C.A.E. Goodhart and L. Zicchino) 8. 'Equilibrium Analysis, Banking, Contagion and Financial Fragility', (D.P. Tsomocos) 9. 'The Optimal Monetary Instrument for Prudential Purposes', (C.A.E. Goodhart and D.P. Tsomocos) 10. 'On Dividend Restrictions and the Collapse of the Interbank Market', (C.A.E. Goodhart, M.U. Peiris, D.P. Tsomocos and A.P. Vardoulakis) PART III: MEASUREMENT 11. 'Towards a Measure of Financial Fragility', (O. Aspachs, C.A.E. Goodhart, D.P. Tsomocos and L. Zicchino) 12. 'Searching for a Metric for Financial Stability', (O. Aspachs, C.A.E. Goodhart, M. Segoviano, D.P. Tsomocos and L. Zicchino) 13. 'Banking Stability Measures', (M. Segoviano and C.A.E. Goodhart) 14. 'Default, Credit Growth and Asset Prices', (C.A.E. Goodhart, B. Hofmann, M. Segoviano) PART IV: CAPITAL REQUIREMENTS AND PROCYCLICALITY 15. 'Procyclicality and the New Basel Accord - Banks' Choice of Loan Rating System', (E. Catarineu-Rabell, P. Jackson and D.P. Tsomocos) 16. 'Basel and Procyclicality: A comparison of the Standardised and IRB Approaches to an Improved Credit Risk Method', (C.A.E. Goodhart and M. Segoviano) 17 'Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39', (A. Taylor and C.A.E. Goodhart) 18. 'Is a Less Pro-cyclical Financial System an Achievable Goal?', (C.A.E. Goodhart) PART V: THE STRUCTURAL ORGANISATION OF SUPERVISION 19. 'The Organisational Structure of Banking Supervision', (C.A.E. Goodhart) 20. 'The Skill Profile of Central Bankers and Supervisors', (C.A.E. Goodhart, D. Schoenmaker, P.Dasgupta) 21 'The Changing Role of Central Banks', (C.A.E. Goodhart) PART VI: CONCLUSION 22. Conclusions
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