Financial regulation: Difference between revisions
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==The authorities' reactions== | ==The authorities' reactions== | ||
<ref>[http://www.federalreserve.gov/BoardDocs/Speeches/2002/20021015/default.htm Ben Bernanke: ''Asset-Price "Bubbles" and Monetary Policy'' (Speech to the New York Chapter of the National Association for Business Economics, New York, New York, October 15 2002) Federal Reserve Board 2002]</ref>; and in a 2005 lecture, Jean-Claude Trichet, the President of the European Central Bank, argued that not all bubbles threaten financial stability, and that if policy-makers attempted to eliminate all risk from the financial system, they either fail or they would "hamper the appropriate functioning of a market economy"<ref>[http://www.ecb.int/press/key/date/2005/html/sp050608.en.html Jean-Claude Trichet: ''Asset price bubbles and monetary policy'',(Mas lecture, 8 June 2005) European Central Bank, 2005]</ref>. | |||
<ref>[http://www.bis.org/review/r090826a.pdf Mark Carney, Governor of the Bank of Canada: ''Some Considerations on Using Monetary Policy to Stabilize Economic Activity'', (Speech to the Foreign Policy Association, New York, 19 November 2009)Bank for International Settlements, 2009]</ref>, and by Federal Reserve Board Governor Frederic Mishkin <ref>[http://www.federalreserve.gov/newsevents/speech/mishkin20080515a.htm Frederic Mishkin: ''How Should We Respond to Asset Price Bubbles'', Board of Governors of the Federal Reserve System, October 2008]</ref> | <ref>[http://www.bis.org/review/r090826a.pdf Mark Carney, Governor of the Bank of Canada: ''Some Considerations on Using Monetary Policy to Stabilize Economic Activity'', (Speech to the Foreign Policy Association, New York, 19 November 2009)Bank for International Settlements, 2009]</ref>, and by Federal Reserve Board Governor Frederic Mishkin <ref>[http://www.federalreserve.gov/newsevents/speech/mishkin20080515a.htm Frederic Mishkin: ''How Should We Respond to Asset Price Bubbles'', Board of Governors of the Federal Reserve System, October 2008]</ref> | ||
Revision as of 03:51, 3 December 2009
Background: financial regulation
Post-crash proposals
[1].
[2].
[3].
The authorities' reactions
[5]; and in a 2005 lecture, Jean-Claude Trichet, the President of the European Central Bank, argued that not all bubbles threaten financial stability, and that if policy-makers attempted to eliminate all risk from the financial system, they either fail or they would "hamper the appropriate functioning of a market economy"[6]. [7], and by Federal Reserve Board Governor Frederic Mishkin [8]
Policy decisions
References
- ↑ Asset Prices and the Business Cycle, World Economic Outlook, Chapter 3, International Monetary Fund, May 2000
- ↑ Lessons for Monetary Problems from Asset Price Fluctuations, (World Economic Outlook October 2009 Chapter 3) International Monetary Fund 2009
- ↑ The Warwick Commission on International Financial Reform: In Praise of Unlevel Playing Fields, (The report of the second Warwick Commission) University of Warwick, November 2009
- ↑ The Role of Macroprudential Policy, a discussion paper, Bank of England, November 2009
- ↑ Ben Bernanke: Asset-Price "Bubbles" and Monetary Policy (Speech to the New York Chapter of the National Association for Business Economics, New York, New York, October 15 2002) Federal Reserve Board 2002
- ↑ Jean-Claude Trichet: Asset price bubbles and monetary policy,(Mas lecture, 8 June 2005) European Central Bank, 2005
- ↑ Mark Carney, Governor of the Bank of Canada: Some Considerations on Using Monetary Policy to Stabilize Economic Activity, (Speech to the Foreign Policy Association, New York, 19 November 2009)Bank for International Settlements, 2009
- ↑ Frederic Mishkin: How Should We Respond to Asset Price Bubbles, Board of Governors of the Federal Reserve System, October 2008