Bean, Charles 
ORCID: 0000-0002-6524-8280
(2022)
The architecture of macroprudential policy: delegation and coordination.
In: Holzmann, Robert and Restoy, Fernando, (eds.)
Central Banks and Supervisory Architecture in Europe: Lessons from Crises in the 21st Century.
Elgar, Cheltenham, UK, 96 - 107.
ISBN 9781802208887
Abstract
There are technical and political economy reasons for the delegation of macroprudential policy but the absence of a measurable objective hinders accountability while some borrower-focussed policies may raise questions of political legitimacy. Macroprudential and monetary policies theoretically do not need to reside in the same agency but in practice it may be helpful. Finally, the financial market turbulence in spring 2020 highlighted that stresses may arise beyond the regulatory perimeter, emphasising the need for vigilance.
| Item Type: | Book Section |
|---|---|
| Official URL: | https://www.e-elgar.com/shop/gbp/central-banks-and... |
| Additional Information: | © 2022 Oesterreichische Nationalbank |
| Divisions: | Economics |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
| Date Deposited: | 04 Jun 2024 14:48 |
| Last Modified: | 14 Sep 2024 10:26 |
| URI: | http://eprints.lse.ac.uk/id/eprint/123763 |
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