Macro-Prudential Financial Regulation: Panacea or Placebo?

Macro-Prudential Financial Regulation: Panacea or Placebo?

This article examines the potential efficacy of macro-prudential financial regulation as a mechanism for preventing future systemic crises.  I argue that the potential efficacy of macro-prudential financial regulation will be undermined by (1) the complexity of financial markets and our incomplete...

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Autor principal: Dan Awrey
Formato: article
Lenguaje:EN
Publicado: Amsterdam Law Forum 2009
Materias:
Securities Law
Financial Regulation
Macro-Prudential Regulation
Law
K
Acceso en línea:https://doaj.org/article/31bac4444e184a1c9c68a12ef3e8401b
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spelling oai:doaj.org-article:31bac4444e184a1c9c68a12ef3e8401b2021-12-02T06:46:28ZMacro-Prudential Financial Regulation: Panacea or Placebo?1876-8156https://doaj.org/article/31bac4444e184a1c9c68a12ef3e8401b2009-04-01T00:00:00Zhttp://ojs.ubvu.vu.nl/alf/article/view/75https://doaj.org/toc/1876-8156This article examines the potential efficacy of macro-prudential financial regulation as a mechanism for preventing future systemic crises.  I argue that the potential efficacy of macro-prudential financial regulation will be undermined by (1) the complexity of financial markets and our incomplete understanding of them, (2) the shortcomings of our quantitative models for measuring and managing risk, (3) the need for internal and cross-border consensus, and (4) the bluntness of available macro-economic regulatory mechanisms in terms of their ability to actively manage risk within financial markets.Dan AwreyAmsterdam Law ForumarticleSecurities LawFinancial RegulationMacro-Prudential RegulationLawKENAmsterdam Law Forum, Vol 1, Iss 3, Pp 17-22 (2009)
institution DOAJ
collection DOAJ
language EN
topic Securities Law
Financial Regulation
Macro-Prudential Regulation
Law
K
spellingShingle Securities Law
Financial Regulation
Macro-Prudential Regulation
Law
K
Dan Awrey
Macro-Prudential Financial Regulation: Panacea or Placebo?
description This article examines the potential efficacy of macro-prudential financial regulation as a mechanism for preventing future systemic crises.  I argue that the potential efficacy of macro-prudential financial regulation will be undermined by (1) the complexity of financial markets and our incomplete understanding of them, (2) the shortcomings of our quantitative models for measuring and managing risk, (3) the need for internal and cross-border consensus, and (4) the bluntness of available macro-economic regulatory mechanisms in terms of their ability to actively manage risk within financial markets.
format article
author Dan Awrey
author_facet Dan Awrey
author_sort Dan Awrey
title Macro-Prudential Financial Regulation: Panacea or Placebo?
title_short Macro-Prudential Financial Regulation: Panacea or Placebo?
title_full Macro-Prudential Financial Regulation: Panacea or Placebo?
title_fullStr Macro-Prudential Financial Regulation: Panacea or Placebo?
title_full_unstemmed Macro-Prudential Financial Regulation: Panacea or Placebo?
title_sort macro-prudential financial regulation: panacea or placebo?
publisher Amsterdam Law Forum
publishDate 2009
url https://doaj.org/article/31bac4444e184a1c9c68a12ef3e8401b
work_keys_str_mv AT danawrey macroprudentialfinancialregulationpanaceaorplacebo
_version_ 1718399744667025408

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