Financial Stability in a Changing Environment

1. Front Matter

   Pages i-xi

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2. Opening Remarks

   1. Opening Remarks

      • Yasushi Mieno

      Pages 1-3

3. Keynote Speeches

   1. Front Matter

      Pages 5-5

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   2. Regulatory Arrangements, Financial Stability and Regulatory Reform

      • Allan H. Meltzer

      Pages 7-25

   3. International Capital Flows, the International Agencies and Financial Stability

      • Stanley Fischer

      Pages 26-37

4. Recent Changes in the Financial System - Background and Consequences

   1. Front Matter

      Pages 39-39

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   2. Toward a More Stable Financial Framework: Long-term Alternatives — an Overview of Recent Bank Disruption Worldwide

      • Zenta Nakajima, Hiroo Taguchi

      Pages 41-108

   3. Monetary Policy Implications of Recent Changes in the Financial Systems in the United States and Europe

      • William Poole

      Pages 109-160

   4. Recent Changes in the Financial Systems of Asian and Pacific Countries

      • Jeffrey A. Frankel

      Pages 161-208

   5. Changing Behavior of Private Banks and Corporations and Monetary Policy in Japan

      • Naoyuki Yoshino

      Pages 209-277

5. Prudential Policy and Financial Stability

   1. Front Matter

      Pages 279-279

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   2. Prudential Regulation for Banks

      • Mark J. Flannery

      Pages 281-328

   3. Safety Nets and Moral Hazard in Banking

      • George J. Benston

      Pages 329-385

6. Role of Central Banks in Maintaining Financial Stability

   1. Front Matter

      Pages 387-387

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   2. Monetary Policy Rules and Financial Stability

      • Bennett T. McCallum

      Pages 389-438

   3. Price Stability and Financial Fragility

      • Charles A. E. Goodhart

      Pages 439-509

7. Concluding Summary

   1. Front Matter

      Pages 511-511

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   2. Conference Summary

      • Edward J. Kane

      Pages 513-521

8. Back Matter

   Pages 522-539

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In this book prominent academics and central bankers explore the framework for securing financial stability in a changing environment. The papers focus in particular on the following crucial issues for central banks and regulatory institutions around the world: (i) the implications of recent changes in the financial system worldwide for financial stability; (ii) an optimal design of prudential policy; and (iii) the relationship between the two ultimate goals of central banks - price stability and financial stability.

• Asia
• bank
• capital
• central bank
• design
• environment
• institutions
• monetary policy
• moral hazard
• optimal design
• regulation
• safety
• stability
• USA
• banking

• Institute for Monetary and Economic Studies, Bank of Japan, Japan

  Kuniho Sawamoto, Zenta Nakajima

• Matsuyama branch of the Bank of Japan, Japan

  Hiroo Taguchi

Policies and ethics