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Global Macroeconomic and Financial Supervision: Where Next?

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  • Charles Goodhart
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    Abstract

    The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither a move to a global sovereign authority, nor a reversion towards narrower economic nationalism, seems likely to take place in the near future. Meanwhile, the adjustment to economic imbalances remains asymmetric, with almost all the pressure on deficit countries. Almost by definition surplus countries are “virtuous”. But current account surpluses have to be matched by net capital outflows. Such capital flows to weaker deficit countries have often had unattractive returns. A program to give earlier and greater warnings of the risks of investing in deficit countries could lead to earlier policy reaction, and reduce the risk of crisis.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17682.

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    Date of creation: Dec 2011
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    Publication status: published as Global Macroeconomic and Financial Supervision: Where Next? , Charles A. E. Goodhart. in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century , Feenstra and Taylor. 2014
    Handle: RePEc:nbr:nberwo:17682

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    1. David Miles & Jing Yang & Gilberto Marcheggiano, 2013. "Optimal Bank Capital," Economic Journal, Royal Economic Society, vol. 123(567), pages 1-37, 03.
    2. Jan Kregel, 2010. "An Alternative Perspective on Global Imbalances and International Reserve Currencies," Economics Public Policy Brief Archive ppb_116, Levy Economics Institute.
    3. Tobias Adrian & Hyun Song Shin, 2008. "Liquidity and financial cycles," BIS Working Papers 256, Bank for International Settlements.
    4. Masciandaro, Donato & Passarelli, Francesco, 2013. "Financial systemic risk: Taxation or regulation?," Journal of Banking & Finance, Elsevier, vol. 37(2), pages 587-596.
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    Cited by:
    1. Donato Masciandaro & Marc Quintyn, 2013. "The Evolution of Financial Supervision: the Continuing Search for the Holy Grail," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.
    2. Rainer Masera, 2013. "US Basel III Final Rule on banks' capital requirements: A different-size-fits-all approach," PSL Quarterly Review, Economia civile, vol. 66(267), pages 387-402.
    3. Frank A.G. den Butter & Mathieu L.L. Segers, 2014. "Prospects for an EMU between Federalism and Nationalism," Tinbergen Institute Discussion Papers 14-008/VI, Tinbergen Institute.

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