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The fatal flaw in macropru: it ignores political risk

Danielsson, Jon and Macrae, Robert (2016) The fatal flaw in macropru: it ignores political risk. VoxEU.org (08 Dec 2016). Opinion Piece.

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Abstract

Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy, or ‘macropru’, depends on political risk being included with other risk factors. Yet it is usually excluded from macropru, and that could be a fatal flaw.

Item Type: Website (Opinion Piece)
Official URL: http://www.voxeu.org/
Additional Information: © 2016 VoxEU.org
Divisions: Finance
Systemic Risk Centre
Financial Markets Group
Subjects: H Social Sciences > HB Economic Theory
JEL classification: E - Macroeconomics and Monetary Economics > E0 - General
Sets: Departments > Finance
Research centres and groups > Systemic Risk Centre
Research centres and groups > Financial Markets Group (FMG)
Date Deposited: 24 Mar 2017 15:08
Last Modified: 24 Mar 2017 15:13
Projects: ES/K002309/1
Funders: Economic and Social Research Council
URI: http://eprints.lse.ac.uk/id/eprint/70703

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