LEADER 06130oam 22011774 450 001 9910788338003321 005 20230721045659.0 010 $a1-4623-5577-3 010 $a1-4527-3998-6 010 $a1-4518-7217-8 010 $a9786612842917 010 $a1-282-84291-9 035 $a(CKB)3170000000055234 035 $a(EBL)1608235 035 $a(SSID)ssj0000940814 035 $a(PQKBManifestationID)11492019 035 $a(PQKBTitleCode)TC0000940814 035 $a(PQKBWorkID)10955830 035 $a(PQKB)10888755 035 $a(OCoLC)608248504 035 $a(MiAaPQ)EBC1608235 035 $a(IMF)WPIEE2009070 035 $a(EXLCZ)993170000000055234 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Stability Frameworks and the Role of Central Banks : $eLessons From the Crisis /$fErlend Nier 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (66 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1652-3 320 $aIncludes bibliographical references. 327 $aContents; Executive Summary; I. The Role of Central Banks in Financial Stability-Lessons from the Crisis; A. Monetary Policy; B. Provision of Systemic Liquidity; C. Lender of Last Resort and Resolution of Failing Institutions; D. Oversight of Payment and Settlement Systems; II. Costs and Benefits of a Role of Central Banks in Financial Regulation; III. Recent Debates on Financial Stability Frameworks; IV. Financial Regulation-Objectives, Tools, Scope; A. Why Regulate Financial Institutions?; B. How to Regulate Financial Institutions?; C. Who Should be Regulated?; Boxes 327 $a1. Originate and Distribute and Systemic RiskV. Financial Regulation-Agency Structure; A. Principles; B. Comparison of Existing Structures; 2. Financial Stability Frameworks Across Countries; 3. Special Considerations for Government Sponsored Entities; 4. International Considerations; VI. Conclusions; References; Appendixes; I. Some Preliminary Empirical Analysis; Figures; 1. Developed Europe: Bank Losses; 2. Developed Europe: Overall Loss to Credit Ratio 330 3 $aThis paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/070 606 $aEconomic stabilization 606 $aBanks and banking, Central 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Crises$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aSystemic risk$2imf 606 $aFinancial sector stability$2imf 606 $aCentral bank mandate$2imf 606 $aSpecial resolution regime$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aCentral banks$2imf 606 $aFinancial crises$2imf 606 $aBanks and banking$2imf 606 $aFinancial risk management$2imf 606 $aFinancial services industry$2imf 606 $aCrisis management$2imf 607 $aUnited States$2imf 615 0$aEconomic stabilization. 615 0$aBanks and banking, Central. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aCentral Banks and Their Policies 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Crises 615 7$aBanking 615 7$aFinance 615 7$aEconomic & financial crises & disasters 615 7$aSystemic risk 615 7$aFinancial sector stability 615 7$aCentral bank mandate 615 7$aSpecial resolution regime 615 7$aFinancial sector policy and analysis 615 7$aCentral banks 615 7$aFinancial crises 615 7$aBanks and banking 615 7$aFinancial risk management 615 7$aFinancial services industry 615 7$aCrisis management 700 $aNier$b Erlend$01467715 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788338003321 996 $aFinancial Stability Frameworks and the Role of Central Banks$93685585 997 $aUNINA