Financial Law and Risk Control
A Macroprudential Approach to Financial Regulation
Samuel G. Hanson, Anil K. Kashyap, and Jeremy C. Stein
- Year
- 2011
- Venue
- Journal of Economic Perspectives
- Level
- Intermediate
Summary
Contrasts microprudential regulation aimed at individual institutions with macroprudential regulation aimed at the financial system as a whole. The article identifies market failures behind modern financial crises and proposes regulatory tools to reduce fragility created by leverage, short-term funding, and system-wide spillovers.
Citation
Samuel G. Hanson, Anil K. Kashyap, and Jeremy C. Stein. "A Macroprudential Approach to Financial Regulation." Journal of Economic Perspectives, 2011.
DOI: 10.1257/jep.25.1.3
BibTeX
@article{Hanson2011A,
title = {A Macroprudential Approach to Financial Regulation},
author = {Samuel G. Hanson, Anil K. Kashyap, and Jeremy C. Stein},
year = {2011},
journal = {Journal of Economic Perspectives},
doi = {10.1257/jep.25.1.3},
url = {https://www.aeaweb.org/articles?id=10.1257%2Fjep.25.1.3}
}