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Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures

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  • David Liebeg

    ()
    (Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division)

  • Michaela Posch

    ()
    (Oesterreichische Nationalbank)

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    Abstract

    Macroprudential regulation and supervision of systemic risks is one of the most discussed issues on both the national and international regulatory agenda. This rather new concept presents regulators and supervisors with a number of major challenges. First, in the sphere of risk identification and assessment, the main tasks will be assessing network effects, enhancing stress tests, expanding the supervisory scope to include nonbank financial intermediaries and distilling the findings from various analytical strands into an overall perspective on systemic risks. Second, although some systemic elements have been embedded in the “Basel III” framework, experience in implementing macroprudential policies is scarce and implementation is highly dependent on national circumstances, i.e. legal mandates and feasibility as well as authorities’ readiness to act. Third, in addition to the newly established European Systemic Risk Board (ESRB), some European (as well as non-European) countries have made considerable progress in establishing national systemic risk boards with extended legal rights and responsibilities for macroprudential regulation and supervision. Austria is lagging behind in this respect, and the legal mandate of regulatory and supervisory authorities remains vague and is largely restricted to monitoring financial stability. Besides giving an overview of the current discussion on macroprudential regulation and supervision, this paper provides an analysis of the state of play in Austria as well as some proposals to improve the current macroprudential framework.

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    Bibliographic Info

    Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Financial Stability Report.

    Volume (Year): (2011)
    Issue (Month): 21 ()
    Pages: 62-78

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    Handle: RePEc:onb:oenbfs:y:2011:i:21:b:2

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    Related research

    Keywords: central banking; regulation; supervision; policy making; financial stability; macroprudential;

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    1. William R. White & Claudio E. V. Borio, 2004. "Whither monetary and financial stability? the implications of evolving policy regimes," BIS Working Papers 147, Bank for International Settlements.
    2. Gabriele Galati & Richhild Moessner, 2010. "Macroprudential policy - a literature review," DNB Working Papers 267, Netherlands Central Bank, Research Department.
    3. David Gruen & Michael Plumb & Andrew Stone, 2003. "How Should Monetary Policy Respond to Asset-price Bubbles?," RBA Research Discussion Papers rdp2003-11, Reserve Bank of Australia.
    4. Olivier Jeanne & Anton Korinek, 2010. "Managing Credit Booms and Busts: A Pigouvian Taxation Approach," Working Paper Series WP10-12, Peterson Institute for International Economics.
    5. Ray Barrell & E. Philip Davis, 2011. "Financial Regulation," National Institute Economic Review, National Institute of Economic and Social Research, vol. 216(1), pages F4-F9, April.
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