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Is Macro Prudential Regulation Possible?

Authors: Wachtel, Paul
Issue Date: 22-May-2013
Abstract: The 20th century consensus regarding the role of a central bank – to maintain price stability was upset by the global financial crisis of 2007-2009. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation – regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.
Rights: Copyright Paul Wachtel, May 2013.
Appears in Collections:Economics Working Papers

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