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.
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.
Editor's Preface - Notes on the Contributors - Opening Remarks - PART 1 KEYNOTE SPEECHES - Regulatory Arrangements, Financial Stability, and Regulatory Reform; A.H.Meltzer - International Capital Flows, the International Agencies, and Financial Stability; S.Fischer - PART 2 RECENT CHANGES IN THE FINANCIAL SYSTEM: BACKGROUND AND CONSEQUENCES - Towards a More Stable Financial Framework: Long-Term Alternatives: An Overview of Recent Bank Disruption Worldwide; Z.Nakajima & H.Taguchi - Comments; E.Frydl & W.Witherell - Monetary Policy Implications of Recent Changes in the Financial Systems in the United States and Europe; W.Poole - Comments; G.Lind & R.F.Syron - Recent Changes in the Financial Systems of Asian and Pacific Countries; J.A.Frankel - Comments; R.T.Parry & G.J.Thompson - Changing Behaviour of Private Banks and Corporations and Monetary Policy in Japan; N.Yoshina - Comments; U.Baumgartner & A.Horiuchi - PART 3 PRUDENTIAL POLICY AND FINANCIAL STABILITY - Prudential Regulation for Banks; M.J.Flannery - Comments; M.Goodfriend & F.Passacantando - Safety Nets and Moral Hazard in Banking; G.J.Benston - Comments; P.Duguay & K.Ikeo - PART 4 ROLE OF CENTRAL BANKS IN MAINTAINING FINANCIAL STABILITY - Monetary Policy Rules and Financial Stability; B.T.McCallum - Comments; J-P.Patat, M.King & T.C.Melzer - Price Stability and Financial Fragility; C.A.E.Goodhart - Comments; H.Bockelmann, F.Bruni & J.L.Jordan - PART 5 CONCLUDING SUMMARY; E.J.Kane - Programme of the Conference - Participants
Editor's Preface - Notes on the Contributors - Opening Remarks - PART 1 KEYNOTE SPEECHES - Regulatory Arrangements, Financial Stability, and Regulatory Reform; A.H.Meltzer - International Capital Flows, the International Agencies, and Financial Stability; S.Fischer - PART 2 RECENT CHANGES IN THE FINANCIAL SYSTEM: BACKGROUND AND CONSEQUENCES - Towards a More Stable Financial Framework: Long-Term Alternatives: An Overview of Recent Bank Disruption Worldwide; Z.Nakajima & H.Taguchi - Comments; E.Frydl & W.Witherell - Monetary Policy Implications of Recent Changes in the Financial Systems in the United States and Europe; W.Poole - Comments; G.Lind & R.F.Syron - Recent Changes in the Financial Systems of Asian and Pacific Countries; J.A.Frankel - Comments; R.T.Parry & G.J.Thompson - Changing Behaviour of Private Banks and Corporations and Monetary Policy in Japan; N.Yoshina - Comments; U.Baumgartner & A.Horiuchi - PART 3 PRUDENTIAL POLICY AND FINANCIAL STABILITY - Prudential Regulation for Banks; M.J.Flannery - Comments; M.Goodfriend & F.Passacantando - Safety Nets and Moral Hazard in Banking; G.J.Benston - Comments; P.Duguay & K.Ikeo - PART 4 ROLE OF CENTRAL BANKS IN MAINTAINING FINANCIAL STABILITY - Monetary Policy Rules and Financial Stability; B.T.McCallum - Comments; J-P.Patat, M.King & T.C.Melzer - Price Stability and Financial Fragility; C.A.E.Goodhart - Comments; H.Bockelmann, F.Bruni & J.L.Jordan - PART 5 CONCLUDING SUMMARY; E.J.Kane - Programme of the Conference - Participants
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