Taming the Cycles of Finance?
Taming the Cycles of Finance?
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Zusammenfassung
Central banks act as systemic firefighters, quelling financial instability. This book traces post-crisis attempts to limit instability, turning central banks de facto into policemen. It details the massive investment of central bank economists to enable this preventive policy and shows administrative and political constraints limiting its effects.
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Taming the Cycles of Finance? by Matthias Thiemann
Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.
'By building a political-economic narrative that is empirically authoritative, well written, superimposed on successive events, and linked to policy responses in a world of big stakes and powerful interests, the author has made a welcome contribution… Highly recommended.' I. Walter, Choice
Matthias Thiemann is associate professor of European public policy at sciences po's center for European studies. His work focuses on the ideational underpinnings of financial regulation and its policy effects. He published The Growth of Shadow Banking: A Comparative Institutional Analysis (2018) with Cambridge University Press.
| SKU | Nicht verfügbar |
| ISBN 13 | 9781009233132 |
| ISBN 10 | 1009233130 |
| Titel | Taming the Cycles of Finance? |
| Autor | Matthias Thiemann |
| Buchzustand | Nicht verfügbar |
| Verlag | Cambridge University Press |
| Erscheinungsjahr | 2024-02-22 |
| Seitenanzahl | 352 |
| Hinweis auf dem Einband | Die Abbildung des Buches dient nur Illustrationszwecken, die tatsächliche Bindung, das Cover und die Auflage können sich davon unterscheiden. |
| Hinweis | Nicht verfügbar |