Unification versus delegation: is one policy committee better than two?

It has been argued that the institutional set-up for monetary and macroprudential policy in the UK is in need of reform (see Turner (2022) and Allen (2022)). Rather than having two policy [...]

Unification versus delegation: is one policy committee better than two?, 2023-03-23T14:21:04+00:00

Can macroprudential policy shield emerging economies from the global financial squeeze?

The sharp reversal in the monetary policy stance in major advanced economies since the end of 2021 has had ripples far beyond their national borders. While the more than expected recent falls [...]

Can macroprudential policy shield emerging economies from the global financial squeeze?2023-03-08T11:52:18+00:00

Balance sheet operations and central bank policymaking architecture

The great financial crisis of 2007-8 not only resulted in a recasting and tightening of the regulation of financial intermediaries, but also the introduction of a new arrow into the policymakers’ quiver [...]

Balance sheet operations and central bank policymaking architecture2023-02-06T14:03:55+00:00

Central bank independence and financial stability policy

In the aftermath of the global financial crisis, countries established a new ‘macroprudential’ policy framework explicitly aimed at safeguarding the stability of the financial system as a whole. In parallel, they overhauled [...]

Central bank independence and financial stability policy2022-06-01T13:54:39+01:00

The Too-Big-to-Fail Problem and the Blockchain Solution

Ever since the Global Financial Crisis (GFC) tackling the ‘too-big-to-fail’ (TBTF) problem without having to rely on taxpayer-funded bailouts has been a regulatory priority. Consequently, complex resolution frameworks have been installed in [...]

The Too-Big-to-Fail Problem and the Blockchain Solution2022-05-17T14:33:39+01:00

Response to ‘Improving the accountability of the Financial Policy Committee’

Donald Kohn writes a response to the annex sent to the Treasury Select Committee from David Aikman on the topic of FPC accountability and specifically how to quantify its financial stability objective. [...]

Response to ‘Improving the accountability of the Financial Policy Committee’2022-03-14T17:02:55+00:00

Improving the accountability of the Financial Policy Committee

This article publishes the annex to a letter sent to the Treasury Select Committee from David Aikman on the topic of FPC accountability and specifically how to quantify its financial stability objective. [...]

Improving the accountability of the Financial Policy Committee2022-03-14T17:03:38+00:00
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