The Limits of Surveillance and Financial Market Failure

1. Front Matter

   Pages i-xv

   PDF

2. Part I

   1. Front Matter

      Pages 1-1

      PDF

   2. The Limits of Surveillance and Financial Market Failure: Some Fundamental Issues Arising from the Euro-Area Crisis

      • Kumiharu Shigehara

      Pages 3-35

3. Part II

   1. Front Matter

      Pages 37-37

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   2. Global and Regional Surveillance: Lessons from the Euro-Area Crisis

      • André Icard

      Pages 39-51

   3. Surveillance Failure or Systemic Failure?

      • Leif Pagrotsky

      Pages 52-63

   4. The Role of Surveillance: Lessons from the Euro-Area Crisis

      • Val Koromzay

      Pages 64-73

4. Part III

   1. Front Matter

      Pages 75-75

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   2. Beyond Surveillance: Reducing the Risk of Financial Crises

      • Paul E. Atkinson

      Pages 77-87

   3. How Should Microprudential Control Be Strengthened to Prevent Local and Global Financial Market Failure?

      • Jeffrey R. Shafer

      Pages 88-92

   4. Financial Market Failures and Their Remedies

      • Carol Sirou

      Pages 93-96

5. Part IV

   1. Front Matter

      Pages 97-97

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   2. On the Connection between Monetary Policy and the Regulation of Banking and Financial Markets

      • Stephen H. Axilrod

      Pages 99-107

   3. Macroprudential Policy, Capital Controls and Bank Systemic Risk

      • Adrian Blundell-Wignall, Caroline Roulet

      Pages 108-130

   4. Risk, Reward and Bank Resilience

      • Charles A. E. Goodhart

      Pages 131-139

6. Part V

   1. Front Matter

      Pages 141-141

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   2. Can Europe Get Its Political Act Together? Alternative Scenarios for the Eurozone

      • William R. White

      Pages 143-162

   3. More Effective Management of the Euro Area

      • Gunter D. Baer

      Pages 163-169

7. Part VI

   1. Front Matter

      Pages 171-171

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   2. Executive Summary

      • Robert W. R. Price

      Pages 173-179

This book examines the effectiveness of surveillance by international institutions for financial crisis prevention. It discusses issues relating to designing effective micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance.

• surveillance
• financial crisis
• prudential policy
• micro-prudential policy
• macro-prudential policy
• euro area crisis
• global financial crisis
• market failure
• financial instability
• herd instinct
• banking and financial regulation
• prudential regulation
• credit rating agency
• balance-of-payments crisis
• unit-laborcosts
• inflation divergence
• fiscal rules
• Stability and Growth Pact
• Maastricht criteria
• IMF

• International Economic Policy Studies Association, Japan

  Kumiharu Shigehara

Paul E. Atkinson, International Economic Policy Studies Association, USA Stephen H. Axilrod, Consultant, USA Gunter D. Baer, Consultant, Germany Adrian Blundell-Wignall, OECD, Australia Charles A.E. Goodhart, London School of Economics, UK André Icard, Prudential Supervision and Resolution Authority, France Val Koromzay, Consultant, USA Leif Pagrotsky, Consultant, Sweden Robert W.R. Price, International Economic Policy Studies Association, UK Caroline Roulet, OECD, France Jeffrey R. Shafer, Consultant, USA Carol Sirou, Standard & Poor's, France Nicholas J. Vanston, International Economic Policy Studies Association, UK William R. White, OECD, France

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