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Analysis of Financial Stability

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  • Charles Goodhart

    ()

  • Dimitrios Tsomocos

    ()

Abstract

On the macro-economic policy side of Central Banking a remarkable consensus has been emerging over the last two decades. This covers both the applicable theoretical framework for analysing the transmission mechanism of monetary policy and also the appropriate institutional structure for the Central Bank to deploy its macro-economic policies. There is no such consensus on the appropriate theoretical framework for the analysis of financial stability. Indeed some would claim that there is no proper theoretical framework for this function in being at all. However, we propose one such framework based on the work of Goodhart, Sunirand and Tsomocos (2004, 2005, 2006a and b).
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Charles Goodhart & Dimitrios Tsomocos, 2007. "Analysis of Financial Stability," FMG Special Papers sp173, Financial Markets Group.
  • Handle: RePEc:fmg:fmgsps:sp173
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    File URL: http://www.lse.ac.uk/fmg/documents/specialPapers/2007/sp173.pdf
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    References listed on IDEAS

    as
    1. Alchian, Armen A & Klein, Benjamin, 1973. "On a Correct Measure of Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(1), pages 173-191, Part I Fe.
    2. Murphy, Antoin E, 1978. "Money in an Economy without Banks: The Case of Ireland," The Manchester School of Economic & Social Studies, University of Manchester, vol. 46(1), pages 41-50, March.
    3. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
    4. Mishkin, Frederic S, 1992. "Anatomy of a Financial Crisis," Journal of Evolutionary Economics, Springer, vol. 2(2), pages 115-130, August.
    5. Fan, Wei & White, Michelle J, 2003. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 543-567, October.
    6. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    7. Garry J. Schinasi, 2003. "Responsibility of Central Banks for Stability in Financial Markets," IMF Working Papers 03/121, International Monetary Fund.
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    Cited by:

    1. Marco Sorge, 2004. "Stress-testing financial systems: an overview of current methodologies," BIS Working Papers 165, Bank for International Settlements.
    2. Dietrich Domanski & Philip Turner, 2011. "The Great Liquidity Freeze : What Does It Mean for International Banking?," Finance Working Papers 23245, East Asian Bureau of Economic Research.

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