© 1995

Financial Stability in a Changing Environment

  • Kuniho Sawamoto
  • Zenta Nakajima
  • Hiroo Taguchi

Table of contents

  1. Front Matter
    Pages i-xi
  2. Opening Remarks

    1. Yasushi Mieno
      Pages 1-3
  3. Keynote Speeches

  4. Recent Changes in the Financial System - Background and Consequences

  5. Prudential Policy and Financial Stability

    1. Front Matter
      Pages 279-279
    2. Mark J. Flannery
      Pages 281-328
    3. George J. Benston
      Pages 329-385
  6. Role of Central Banks in Maintaining Financial Stability

    1. Front Matter
      Pages 387-387
    2. Bennett T. McCallum
      Pages 389-438
    3. Charles A. E. Goodhart
      Pages 439-509
  7. Concluding Summary

    1. Front Matter
      Pages 511-511
    2. Edward J. Kane
      Pages 513-521
  8. Back Matter
    Pages 522-539

About this book


In this book prominent academics and central bankers explore the framework for securing financial stability in a changing environment. The papers focus in particular on the following crucial issues for central banks and regulatory institutions around the world: (i) the implications of recent changes in the financial system worldwide for financial stability; (ii) an optimal design of prudential policy; and (iii) the relationship between the two ultimate goals of central banks - price stability and financial stability.


Asia bank capital central bank design environment institutions monetary policy moral hazard optimal design regulation safety stability USA

Editors and affiliations

  • Kuniho Sawamoto
    • 1
  • Zenta Nakajima
    • 1
  • Hiroo Taguchi
    • 2
  1. 1.Institute for Monetary and Economic StudiesBank of JapanJapan
  2. 2.Matsuyama branch of the Bank of JapanJapan

Bibliographic information