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Systemic Risk and Macroprudential Regulation

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The Global Macro Economy and Finance

Part of the book series: International Economic Association Series ((IEA))

Abstract

During the recent crisis microprudential regulation of the banking system turned out to be unable to maintain financial stability largely because it did not recognize the problem of systemic risk. This chapter discusses in detail the sources of systemic risk, their importance for financial stability and the macroprudential policies that are necessary to address them.

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Author information

Authors and Affiliations

  1. University of Pennsylvania, USA

    Franklin Allen

  2. European University Institute, Italy

    Elena Carletti

Authors
  1. Franklin Allen
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  2. Elena Carletti
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Editor information

Editors and Affiliations

  1. University of Pennsylvania, USA

    Franklin Allen

  2. Stanford University, USA

    Masahiko Aoki

  3. Sciences Po, France

    Jean-Paul Fitoussi

  4. Princeton University, USA

    Nobuhiro Kiyotaki

  5. University of California, San Diego, USA

    Roger Gordon

  6. Columbia University, USA

    Joseph E. Stiglitz

Copyright information

© 2012 International Economics Association

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Cite this chapter

Allen, F., Carletti, E. (2012). Systemic Risk and Macroprudential Regulation. In: Allen, F., Aoki, M., Fitoussi, JP., Kiyotaki, N., Gordon, R., Stiglitz, J.E. (eds) The Global Macro Economy and Finance. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137034250_11

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