This paper explores post-Lehman macroprudential regulation by interacting two types of market failures (principal-agent and collective action) with two cognition modes (unconstrained and constrained) in the context of aggregate risk. Four paradigms with orthogonal policy justifications are identified. In the first time consistency paradigm, regulation offsets the moral hazard implications of efficient but time inconsistent post-crisis bailouts. In...
انظر المزيد
تفاصيل
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2013/8/01
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ورقة عمل خاصة ببحوث السياسات
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WPS6576
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1
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1
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2013/8/01
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Disclosed
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The conceptual foundations of macroprudential policy : a roadmap
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macroprudential policy