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Analysis of Financial Stability

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  • Dimitrios Tsomocos
  • C.A.E. Goodhart

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).

Suggested Citation

  • Dimitrios Tsomocos & C.A.E. Goodhart, 2007. "Analysis of Financial Stability," OFRC Working Papers Series 2007fe04, Oxford Financial Research Centre.
    • Handle: RePEc:sbs:wpsefe:2007fe04
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2007fe04.pdf
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    Cited by:

    1. Romar Correa, 2008. "Heterodox Macroeconomics and the Design of Monetary Institutions," Working Papers id:1721, eSocialSciences.
    2. Marco Sorge, 2004. "Stress-testing financial systems: an overview of current methodologies," BIS Working Papers 165, Bank for International Settlements.
    3. Domanski, Dietrich & Turner, Philip, 2011. "The Great Liquidity Freeze: What Does It Mean for International Banking?," ADBI Working Papers 291, Asian Development Bank Institute.
    4. Charles Freedman & Clyde Goodlet, 2007. "Financial Stability: What It Is and Why It Matters," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 256, November.
    5. Jacques Sapir, 2017. "The relationship between monetary policy and economic development in modern Europe: Problems and possible solutions," Studies on Russian Economic Development, Springer, vol. 28(5), pages 467-471, September.
    6. Bluhm, Marcel & Krahnen, Jan Pieter, 2011. "Default risk in an interconnected banking system with endogeneous asset markets," CFS Working Paper Series 2011/19, Center for Financial Studies (CFS).

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