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Risk management through the lens of macroprudential policy

Author

Listed:
  • Brinkhoff, Jeroen
  • Langfield, Sam
  • Mazzaferro, Francesco
  • Salleo, Carmello
  • Weeken, Olaf

Abstract

Before the beginning of the crisis in 2007–8, regulation failed to cope with the complexities of modern finance and paid insufficient attention to systemic risk. Similarly, risk managers in financial institutions tended to focus on risks in their financial institutions, neglecting systemic risk. Regulators worldwide are now addressing these deficiencies. One important dimension of regulatory reform is the creation of macroprudential authorities, such as the European Systemic Risk Board (ESRB), specifically tasked to focus on systemic risk. To address such risks, the ESRB has issued recommendations that will influence the behaviour of financial institutions. Work is ongoing to develop fully fledged macroprudential policies, which in combination with other regulation will help prevent or mitigate future crises.

Suggested Citation

  • Brinkhoff, Jeroen & Langfield, Sam & Mazzaferro, Francesco & Salleo, Carmello & Weeken, Olaf, 2013. "Risk management through the lens of macroprudential policy," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 6(2), pages 120-128, March.
    • Handle: RePEc:aza:rmfi00:y:2013:v:6:i:2:p:120-128
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    More about this item

    Keywords

    European Systemic Risk Board; financial crisis; macroprudential policy; systemic risk; risk management; regulation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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