On the Growing Accountability of Central Banks for Financial Stability-the Macroprudential Perspective

• Autorzy: Anna Matysek-Jędrych
• Języki publikacji: EN

Abstrakty

EN

The aim of this paper is to identify and assess, on a comparative, intra-country basis, the existing practices and developments in central bank accountability for financial stability, from a new-macroprudential policy-perspective. The paper aims to contribute to the ongoing debate on institutional arrangements for macroprudential policy. The debate as to whether the combination of monetary policy and financial supervision within one institution is not new. Nevertheless it is far from being resolved. The paper points to the need to establish clear, formal and robust mechanisms of central bank involvement in the process of executing macroprudential policy, at least as a data collection and analyzing institution. (original abstract)

Słowa kluczowe

EN

Social Accountability International SA8000 certification; Central banks; Central bank's role in the economy; Central bank strategy; Financial sustainability; Legal regulations; Macroprudential policy

PL

Norma Społecznej Odpowiedzialności Biznesu SA 8000; Banki centralne; Rola banku centralnego w gospodarce; Strategia banku centralnego; Stabilność finansowa; Regulacje prawne; Polityka makroostrożnościowa

• Czasopismo: Economics and Business Review
• Rocznik: 2018
• Tom: 4 (18)
• Numer: nr 4
• Strony: 30--45

Twórcy

autor

Anna Matysek-Jędrych

• Poznań University of Economics and Business, Poland

Bibliografia

• Aikman, D., Giese, J., Kapadia, S. & McLeay, M. (2018). Targeting financial stability: Macroprudential or monetary policy? (Bank of England Working Paper, 734). London: Bank of England.
• Bank for International Settlements. (2017). Macroprudential frameworks, implementation and relationship with other policies. BIS Papers, 94. Basel: Bank for International Settlements.
• Bernanke, B. S., Laubach, T., Mishkin, F. S. & Posen, A. S. (1999). Inflation targeting: Lessons from the international experience. Princeton: Princeton University Press.
• Bernanke, B. S. & Mishkin F. S. (1997). Inflation targeting: A new framework for monetary policy?. Journal of Economic Perspectives, 11(2), 97-116.
• Blinder, A. S. (2010). How central should the central bank be?. Journal of Economic Literature, 48(1), 123-133.
• Blinder, A. S., Ehrmann, M., Fratzscher, M., de Haan, J. & Jansen, D.-J. (2009). Central bank communication and monetary policy: a survey of theory and evidence. Journal of Economic Literature, 46(4), 910-945.
• Borio, C. (2010, July 22). Implementing a macroprudential framework: Blending boldness and realism. Basel: Bank for International Settlements.
• Borio, C. (2011). Central banking post-crisis: What compass for unchartered waters?. Basel: Bank for International Settlements.
• Borio, C. (2014). (Too) great expectations for macro-prudential? Central Banking Journal, 41(2).
• Capie, F., Goodhart, Ch., Fischer, S. & Schnadt, N. (1994). The Future of Central Banking. The Tercentenary Symposium of the Bank of England. Cambridge: Cambridge University Press.
• Caruana, J. (2010, September 24). The challenges of taking macroprudential decisions: Who will press which button(s)?. 13th Annual International Banking Conference. Chicago: Federal Reserve Bank of Chicago.
• Cukierman, A. (2001). Accountability, credibility, transparency and stabilization policy in the Eurosystem. In Ch. Wyplosz (Ed.), The impact of EMU on Europe and the developing countries. Oxford: Oxford University Press.
• Davis, H. & Green, D. (2010). Banking on the future. The fall and rise of central banking. Princeton: Princeton University Press.
• De Haan, J., Amtenbrink F. & Waller, S. (2004). The transparency and credibility of the European Central Bank. Journal of Common Market Studies, 42(4), 775-794.
• Dobrzańska, A. (2016). Polityka makroostrożnościowa banku centralnego. Warszawa: Poltext.
• Duff, A. W. (2014). Central bank independence and macroprudential policy: A critical look at the U.S. financial stability framework. Berkeley Business Law Journal, 11(4), 182-220.
• Egawa, E., Otani A. & Sakiyama T. (2015, June). What determines institutional arrangement for macroprudential policy?. IMES Discussion Paper Series, 2015-E-3.
• Eijffinger, S. C. W. & Hoeberichts, M. M. (2000). Central Bank accountability and transparency. Theory and Some Evidence. International Finance, 5(1), 73-96.
• Elgie, R. & Thompson, H. (1998). The politics of central banks. London: Routledge.
• Eusepi, S. & Preston, B. (2007). Central bank communication and expectations stabilization (NBER Working Paper, 13259).
• Evanoff, D. D., Kaufman, G. G., Leonello, A. & Manganelli, S. (2017). Achieving financial stability: Challenges to prudential regulation. NJ: World Scientific Series: World scientific studies in international economics.
• Galati, G. & Moessner, R. (2013). Macroprudential policy-a literature review. Journal of Economic Surveys, 27(5), 846-878.
• Geraats, P. M. (2002). Central Bank Transparence. Economic Journal, 112(483), F532-F565.
• Gonzalez-Paramo, J. (2007). Expectations and credibility in modern central banking: A practitioner's view. Speech at the Conference on "Inflation targeting, central bank independence and transparency". Cambridge: University of Cambridge.
• Hanson, S. G., Kashyap A. K. & Stein, J. C. (2011). A macroprudential approach to financial regulation. Journal of Economic Perspectives, 25(1), 3-28.
• Horvath, R. & Vaško, D. (2016). Central bank transparency and financial stability. Journal of Financial Stability, 22, 45-56.
• International Monetary Fund. (2011, March). Macroprudential policy: An organizing framework.
• Knot, K. (2014). Governance of macroprudential policy. Financial Stability Review, 18, 25-32. Banque de France.
• Lim, C. H., Krznar, I., Lipinsky, F., Otani, A. & Wu X. (2013). The macroprudential framework: Policy responsiveness and institutional arrangements (IMF Working Papers, 166). Washington: International Monetary Fund.
• Masciandaro, D., Quintyn, M. & Taylor, M. (2008). Inside and outside the central bank: Independence and accountability in financial supervision. Trends and determinants. European Journal of Political Economy, 24(4), 833-848.
• Milne, A. (2009). Macroprudential policy: What can it achieve?. Oxford Review of Economic Policy, 25(4), 608-629.
• Mishkin, F. S. (2004). Can Central Bank transparency go too far? (NBER Working Paper, 10829).
• Mizen, P., Rubio, M. & Turner, P. (2018). Macroprudential policy and practice. Cambridge: Cambridge University Press.
• Nier, E. W., Osinski, J., Jacome, L. I. & Madrid, P. (2011). Towards effective macroprudential policy frameworks: An assessment of stylized institutional models (IMF Working Papers, 250). Washington: International Monetary Fund.
• Taylor, J. B. (2009). The financial crisis and the policy responses: An empirical analysis of what went wrong (NBER Working Paper, 14631).
• Van der Cruijsen, C. A. B., Eijffinger, C. W., & Hoogduin, L. X. (2008, July). Optimal Central Bank transparency (DNB Working Paper, 178). De Nederlandsche Bank.
• Walsh, C. E. (2007). Optimal economic transparency. International Journal of Central Banking, 3(1), 5-36.
• Wood, J. W. (2005). A history of central banking in Great Britain and the United States. Cambridge: Cambridge University Press.

Identyfikatory

DOI

10.18559/ebr.2018.4.2