Macro-prudential Approach to Regulation - Scope and Issues
It is being acknowledged that a macro prudential perspective is critical in designing and pursuing micro prudential regulation of institutions and markets. Two distinct but highly inter-related constructs have come to epitomize this post-crisis framework: macro prudential regulation and systemic risk management. Both these concepts are philosophically appealing and conceptually sound, but operationally quite challenging. Understanding the nuanced interplay between these would be crucial in designing an efficient operative framework for financial stability. [Paper presented at the ADBI-BNM Conference on â€œMacroeconomic and Financial Stability in Asian Emerging Marketsâ€ , Kuala Lumpur].
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