Research Handbook of Macroprudential Policy
Edward Elgar Publishing Ltd (Verlag)
978-1-0353-0620-6 (ISBN)
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Leading experts draw on lessons learnt from major financial crises including the 2007-2009 Global Financial Crisis, the 2020 Covid-19 ‘dash for cash’, and the 2023 Silicon Valley Bank crisis, to assess how, and under what conditions, macroprudential instruments succeed and fail. The Handbook explores the dynamic interactions between these tools and monetary policy, housing markets, credit cycles and emerging threats such as non-bank finance, crypto, cross-border capital flows and climate risk. Organised into seven thematic sections, the Handbook distils international cutting-edge research into practical insights and identifies priorities for further inquiry into how to avert, or better manage, future financial crises.
The Research Handbook of Macroprudential Policy is an excellent resource for scholars and researchers in banking regulation, economics and finance, business and management and public policy. It is also an accessible guide for practitioners, policymakers and regulators looking to make informed decisions on safeguarding financial systemic resilience.
Edited by David Aikman, Director, the National Institute for Economic and Social Research (NIESR), UK and Prasanna Gai, Professor of Economics, University of Auckland, New Zealand
Contents
Introduction 1
D�a�v�i�d� �A�i�k�m�a�n� �a�n�d� �P�r�a�s�a�n�n�a� �G�a�i�
PART I THE OBJECTIVES OF MACROPRUDENTIAL POLICY
1 In search of a macroprudential loss function 8
R�i�c�h�a�r�d� �B�a�r�w�e�l�l�
2 Making banking safe 27
S�t�e�p�h�e�n� �G�.� �C�e�c�c�h�e�t�t�i� �a�n�d� �K�e�r�m�i�t� �L�.� �S�c�h�o�e�n�h�o�l�t�z�
PART II DEBT DYNAMICS AND FINANCIAL CRISES
3 Aggregate debt servicing and the limit on private credit 54
M�a�t�h�i�a�s� �D�r�e�h�m�a�n�n�,� �M�i�k�a�e�l� �J�u�s�e�l�i�u�s�,� �a�n�d� �S�a�r�a�h� �Q�u�i�n�c�y�
4 The causes and consequences of high household indebtedness: evidence from Korea 81
H�w�a�n�-�K�o�o� �K�a�n�g� �a�n�d� �K�y�e�o�n�g�t�a�e� �L�e�e�
5 The role of debt in financial crises: lessons from the past 93
P�e�d�r�o� �D�u�a�r�t�e� �N�e�v�e�s�
PART III EXPERIENCE WITH MACROPRUDENTIAL TOOLS
6 Has macroprudential policy been effective? How can we know? 113
E�r�l�e�n�d� �W�.� �N�i�e�r�
7 Housing and macroprudential policy 131
J�o�h�n� �M�u�e�l�l�b�a�u�e�r�
8 The effects of mortgage debt limits: lessons and questions from the Irish experience since 2015 178
E�d�w�a�r�d� �G�a�f�f�n�e�y�,� �N�i�a�m�h� �H�a�l�l�i�s�s�e�y�,� �a�n�d� �F�e�r�g�a�l� �M�c�C�a�n�n�
9 Macroprudential policy and capital flows 200
M�a�r�g�a�r�e�t� �D�a�v�e�n�p�o�r�t�,� �F�i�l�i�p�a� �S�á,� �a�n�d� �T�o�m�a�s�z� �W�i�e�l�a�d�e�k�
10 Distributional consequences of borrower-based macroprudential tools 220
J�o�s�e�-�L�u�i�s� �P�e�y�d�r�ó �F�r�a�n�c�e�s�c� �R�o�d�r�i�g�u�e�z�-�T�o�u�s�,� �J�a�g�d�i�s�h� �T�r�i�p�a�t�h�y�,� �a�n�d� �A�r�z�u� �U�l�u�c�
PART IV USEFUL MODELS
11 Outlook-at-risk 241
Nina Boyarchenko
12 Multiple equilibria? Don’t panic! – a hitchhiker’s guide to global games 260
Kartik Anand and Philipp J. König
13 Stress testing tools: where we stand and where to go? 295
Claudio Barbieri, Grzegorz Hałaj, and Christoffer Kok
14 Towards a macroeconomic model of banking crises 318
Daisuke Ikeda and Hidehiko Matsumoto
15 Bank capital requirements and bank lending: from theory to empirics to policy 343
Saleem Bahaj, Chiara Lattanzio, and Frederic Malherbe
PART V GOVERNANCE ARRANGEMENTS AND COORDINATION WITH OTHER MACROECONOMIC POLICIES
16 Macroprudential governance: lessons from policies to mitigate housing market risks 369
Ryan Banerjee and Philip Wooldridge
17 Interaction of macroprudential and monetary policies: practice ahead of theory 384
Thibaut Duprey, Yaz Terajima, and Jing Yang
PART VI SYSTEMIC RISK OUTSIDE THE BANKING SYSTEM
18 Shadow banking 417
Nathaniel Butler Blondel and Guillaume Plantin
19 Macroprudential policy, monetary policy and non-bank financial intermediation 438
Margherita Giuzio, Sujit Kapadia, Christoph Kaufmann, Manuela Storz, and Christian Weistroffer
20 US life insurers and systemic risk 474
Nathan Foley-Fisher, Nathan Heinrich, and Stéphane Verani
PART VII FRONTIER ISSUES
21 Climate change, systemic risk, and macroprudential policy 499
Paul Hiebert
22 Climate risks in US housing and mortgage markets 513
Toàn Phan
23 Cryptocurrencies and decentralised finance: functions and financial stability implications 521
Matteo Aquilina, Giulio Cornelli, Jon Frost, and Leonardo Gambacorta
| Erscheint lt. Verlag | 28.3.2026 |
|---|---|
| Reihe/Serie | Research Handbooks in Money and Finance series |
| Verlagsort | Cheltenham |
| Sprache | englisch |
| Maße | 169 x 244 mm |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
| Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 1-0353-0620-4 / 1035306204 |
| ISBN-13 | 978-1-0353-0620-6 / 9781035306206 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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