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Defining Financial Stability and a Framework for Safeguarding It

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  • Garry J. Schinasi

Abstract

Financial stability is as important a policy objective as maintaining monetary stability if economic growth and stability are to be achieved and sustained. A prerequisite for more effective official oversight is the development and implementation of a better framework for assessing the ability of the financial system to perform its key economic functions, i.e. matching needs of savers and investors, providing transactions and payments services; risk pricing, spreading, sharing, and management; and the production, processing, and monitoring of information. However, the ultimate goal is sustained economic growth, stability, and prosperity. The purpose of this paper is twofold: first, to discuss a definition of financial stability and a framework for policy analysis more closely aligned with economic processes and efficiency; and second, to examine the implications and challenges for assessing systemic risk and the safeguarding of financial-system stability.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 550.

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Date of creation: Dec 2009
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Handle: RePEc:chb:bcchwp:550

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  1. Martin Summer, 2002. "Banking Regulation and Systemic Risk," Working Papers 57, Oesterreichische Nationalbank (Austrian Central Bank).
  2. John Fell & Garry Schinasi, 2005. "Assessing Financial Stability: Exploring the Boundaries of Analysis," National Institute Economic Review, National Institute of Economic and Social Research, vol. 192(1), pages 102-117, April.
  3. John Y. Campbell & Robert J. Shiller, 2001. "Valuation Ratios and the Long-run Stock Market Outlook: An Update," Cowles Foundation Discussion Papers 1295, Cowles Foundation for Research in Economics, Yale University.
  4. Michael Leahy & Sebastian Schich & Gert Wehinger & Florian Pelgrin & Thorsteinn Thorgeirsson, 2001. "Contributions of Financial Systems to Growth in OECD Countries," OECD Economics Department Working Papers 280, OECD Publishing.
  5. Levine, Ross, 1999. "Law, Finance, and Economic Growth," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 8-35, January.
  6. Glenn Hoggarth & Ricardo Reis & Victoria Saporta, 2001. "Costs of banking system instability: some empirical evidence," Bank of England working papers 144, Bank of England.
  7. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
  8. John Chant & Alexandra Lai & Mark Illing & Fred Daniel, 2003. "Essays on Financial Stability," Technical Reports, Bank of Canada 95, Bank of Canada.
  9. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
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