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THE ROLE OF CENTRAL BANKS IN FINANCIAL STABILITY How Has It Changed?
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The wide-scale financial crisis of recent years has focused attention on the role of central banks in achieving and maintaining financial stability. Indeed, financial stability was the primary reason for the establishment of many of the earliest central banks. But as financial crises diminished in frequency and severity in the post-World War II period, particularly in industrial coun- tries, central banks directed their attention progressively more toward other objectives that were delegated to them by their governments, such as price stability and full employment.
The participants at the Fourteenth Annual Federal Reserve Bank of Chicago International Banking Conference, co-sponsored with the European Central Bank in Chicago on November 10–11, 2011, reevalu- ated the role of central banks in financial stability. The 160 participants, representing policymakers, financial regulators, financial practitioners, researchers, and academics from nearly 30 countries, focused their dis- cussions on how the role of central banks had changed through time and what it should be.
Specific topics discussed include the history of central banks and finan- cial stability; asset price bubbles and other sources of systemic risk, and how central banks should address them; the sources of past and potential future threats to financial stability; the social productivity of the financial sector; the resolution processes for insolvent large complex financial insti- tutions; too-big-to-fail issues and the associated moral hazard problems; and where appropriate stability policy should go from here
1st Edtion
978-981-4449-91-5
NONE
THE ROLE OF CENTRAL BANKS IN FINANCIAL STABILITY How Has It Changed?
Management
English
World Scientific Publishing Co. Pte. Ltd.
2014
Singapore
1-462
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