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The Macro-Prudential Authority: Powers, Scope and Accountability

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  • Charles Goodhart

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    Abstract

    Neither the achievement of price stability, via the MPC, nor the application of micro-prudential oversight, via the FSA, led to overall financial stability. There is a gap that needs to be filled by a macro-prudential authority (M-PA), FPC in the UK. The only macro-prudential instrument used heretofore has been the publication of Financial Stability Reviews (FSR). While worthy, these have been ineffective.

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    File URL: http://www.lse.ac.uk/fmg/workingPapers/specialPapers/PDF/SP203.pdf
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    Bibliographic Info

    Paper provided by Financial Markets Group in its series FMG Special Papers with number sp203.

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    Date of creation: Oct 2011
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    Handle: RePEc:fmg:fmgsps:sp203

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    Web page: http://www.lse.ac.uk/fmg/

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    1. Borio, C., 2009. "Implementing the macroprudential approach to financial regulation and supervision," Financial Stability Review, Banque de France, issue 13, pages 31-41, September.
    2. Wagner, Wolf, 2010. "Diversification at financial institutions and systemic crises," Journal of Financial Intermediation, Elsevier, vol. 19(3), pages 373-386, July.
    3. Masciandaro, Donato & Quintyn, Marc & Taylor, Michael W., 2008. "Inside and outside the central bank: Independence and accountability in financial supervision: Trends and determinants," European Journal of Political Economy, Elsevier, vol. 24(4), pages 833-848, December.
    4. Masciandaro, Donato, 2009. "Politicians and financial supervision unification outside the central bank: Why do they do it?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 124-146, June.
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    Cited by:
    1. Itai Agur & Sunil Sharma, 2013. "Rules, Discretion, and Macro-Prudential Policy," IMF Working Papers 13/65, International Monetary Fund.

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