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Financial Stability Monitoring

Author

Listed:
  • Daniel Covitz

    (Research and Statistics, Board of Governors of the Federal Reserve, Washington, DC 20551)

  • Nellie Liang

    (Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve, Washington, DC 20551)

  • Tobias Adrian

    (Research and Statistics, Federal Reserve Bank of New York, New York, NY 10045)

Abstract

We present a forward-looking monitoring program to identify and track the sources of systemic risk over time and to facilitate the development of preemptive policies to promote financial stability. We offer a framework that distinguishes between shocks, which are difficult to prevent, and vulnerabilities, which amplify shocks. Building on substantial research, we focus on leverage, maturity transformation, interconnectedness, complexity, and the pricing of risk as the primary vulnerabilities in the financial system. The monitoring program tracks these vulnerabilities in four areas: the banking sector, shadow banking, asset markets, and the nonfinancial sector. The framework also highlights the policy trade-off between reducing systemic risk and raising the cost of financial intermediation by taking preemptive actions to reduce vulnerabilities.

Suggested Citation

  • Daniel Covitz & Nellie Liang & Tobias Adrian, 2015. "Financial Stability Monitoring," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 357-395, December.
    • Handle: RePEc:anr:refeco:v:7:y:2015:p:357-395
    DOI: 10.1146/annurev-financial-111914-042008
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    More about this item

    Keywords

    asset valuations; financial stability; macroprudential policies; shadow banking; systemic risk;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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