2012/4 The ESRB at 1

The ESRB at 1imfs
edited by Stefan Gerlach, Ernest Gnan and Jens Ulbrich, Vienna, 2012, ISBN 978-3-902109-64-4

SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was to take stock of first experiences with the ESRB; to discuss current issues in the field of macroprudential supervision, including the integration of macro-financial elements into macroeconomic models, the measurement and indicators of systemic risk, macroprudential tools and their effectiveness; and to identify forthcoming challenges for the ESRB and macroprudential supervision at large. This SUERF Study forms the conference proceedings from the event, with the chapters being a selection of the papers and speeches presented at the event.

1. The ESRB at 1 – an Introduction
Ernest Gnan, Stefan Gerlach and Jens Ulbrich

2. Opening Remarks
Hermann Remsperger

3. Measuring Systemic Risk
Stephen G. Cecchetti

4. Experiences with the ESRB – The View from within and Relation to Other Policy Areas
Stefan Ingves

5. Is there Progress in Financial Reform?
Alberto Giovannini

6. Managing Macroprudential and Monetary Policy – a Challenge for Central Banks
Jens Weidmann

7. Financial Regulation in General Equilibrium
Alexandros Vardoulakis

8. Financial Intermediation and the Real Economy: Implications for Monetary and Macroprudential Policies
Stefano Neri

9. Macro-prudential Supervision and Financial Integration – the ESRB at 1
Jürgen Stark

10. Deleveraging and Recovery
Előd Takáts and Christian Upper

11. Macroeconomic Factors and Microeconomic Bank Risk
Claudia M. Buch, Sandra Eickmeier and Esteban Prieto

12. What Have We Learned about Creditless Recoveries?
Abdul Abiad, Giovanni Dell'Ariccia and Grace Bin Li

13. Macro-prudential Instruments for Containing Systemic Risk: the ESRB View
Francesco Mazzaferro

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Additional Info

  • Keywords: ESRB, systemic risk, financial reform, monetary policy, macroprudential policy, central banking, financial regulation, financial intermediation, microeconomic bank risk, deleveraging, creditless recoveries, credit crunch, credit cycles, financial crises, financial dependence
  • JEL Codes: E32, E44, E5, E52, E58, F33, G21, G28 K20, K22
  • ISBN No.: 978-3-902109-64-4
  • Authors: Hermann Remsperger, Stephen G. Cecchetti, Stefan Ingves, Alberto Giovannini, Jens Weidmann, Alexandros Vardoulakis, Stefano Neri, Jürgen Stark, Előd Takáts and Christian Upper ,Claudia M. Buch, Sandra Eickmeier and Esteban Prieto, Abdul Abiad, Giovanni Dell'Ariccia and Bin Li, Francesco Mazzaferro
  • Editors: Stefan Gerlach, Ernest Gnan and Jens Ulbrich
  • Joint Publication Status: A joint publication with the IMFS