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The ESRB at 1

edited by Stefan Gerlach, Ernest Gnan and Jens Ulbrich, Vienna, 2012

ISBN 978-3-902109-64-4
A joint publication with the IMFS
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.

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

Hermann Remsperger
Measuring Systemic Risk
Stephen G. Cecchetti
Experiences with the ESRB – The View from within and Relation to Other Policy Areas
Stefan Ingves
Is there Progress in Financial Reform?
Alberto Giovannini
Managing Macroprudential and Monetary Policy – a Challenge for Central Banks
Jens Weidmann
Financial Regulation in General Equilibrium
Alexandros Vardoulakis
Financial Intermediation and the Real Economy: Implications for Monetary and Macroprudential Policies
Stefano Neri
Macro-prudential Supervision and Financial Integration – the ESRB at 1
Jürgen Stark
Deleveraging and Recovery
Előd Takáts and Christian Upper
Macroeconomic Factors and Microeconomic Bank Risk
Claudia M. Buch, Sandra Eickmeier and Esteban Prieto
What Have We Learned about Creditless Recoveries?
Abdul Abiad, Giovanni Dell'Ariccia and Grace Bin Li
Macro-prudential Instruments for Containing Systemic Risk: the ESRB View
Francesco Mazzaferro

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

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