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Alexandre Lamfalussy and the origins of the BIS macro-prudential approach to financial stability

  • Ivo Maes

    ()

    (National Bank of Belgium, Robert Triffin Chair, Universite catholique de Louvain, HUBrussel and ICHEC Brussels Management School)

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    Among the international policy institutions, the Bank for International Settlements (BIS) is known for its sensitivity to financial stability issues. Typical for the BIS is a �macro-prudential� approach. In this paper, it is argued that Alexandre Lamfalussy, who was at the BIS from 1976 to 1993, played a crucial role in shaping the BIS approach. Typical for Lamfalussy are a broad macroeconomic view and a focus on the systemically important institutions. In Lamfalussy�s view, there is thus very much an overlap between the micro- and macro-prudential dimensions of financial stability. The main reasons for his sensitivity to financial fragility were: a �Keynesian� Weltanschauung (that a market economy is not sufficiently self-correcting), the emphasis of Dupriez (his teacher) on cycles, Lamfalussy�s experience as a commercial banker, BIS involvement in financial stability issues, especially the Latin American debt crisis of 1982-83 and research on financial innovations.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9429/9324
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    Article provided by Economia civile in its journal PSL Quarterly Review.

    Volume (Year): 63 (2010)
    Issue (Month): 254 ()
    Pages: 265-292

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    Handle: RePEc:psl:pslqrr:2010:34
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    1. William R. White, 2006. "Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?," BIS Working Papers 193, Bank for International Settlements.
    2. Lamfalussy, Alexandre, 1985. "The Changing Environment of Central Bank Policy," American Economic Review, American Economic Association, vol. 75(2), pages 409-13, May.
    3. Claudio E. V. Borio & Gianni Toniolo, 2006. "One hundred and thirty years of central bank cooperation: a BIS perspective," BIS Working Papers 197, Bank for International Settlements.
    4. Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(3), pages 683-740.
    5. Bank for International Settlements, 1986. "Recent innovations in international banking (Cross Report)," CGFS Papers, Bank for International Settlements, number 01, April.
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