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|c 5.00 USD
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|z 9781451872170
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Nier, Erlend.
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|a Financial Stability Frameworks and the Role of Central Banks :
|b Lessons From the Crisis /
|c Erlend Nier.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
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| 300 |
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|a 1 online resource (64 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2009/070
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/070/001.2009.issue-070-en.xml
|z IMF e-Library
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