GOOD BYE LIGHT TOUCH? MACROECONOMIC RESILIENCE, BANKING REGULATION AND INSTITUTIONS

Risk Governance & Control: Financial Markets & Institutions

关键词: Global Crisis;    Macroeconomic Resilience;    Banking Regulation;    Monetary and Political Institutions;   

DOI  :  10.22495/rgcv3i1art2

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

With the Great Crisis of 2008-2009 we have witnessed a relevant episode of macroeconomic vulnerability affecting many countries. To what extent such vulnerability has depended upon the design of light-touch (LT) banking regulation? We observe an Unpleasant Nexus (UN), i.e. that macroeconomic volatility is associated in a robust and systematic way with LT banking regulation. But the UN does not operate in a vacuum. The link between vulnerability and LT banking regulation seems representative of a more general relationship between institutional design and macroeconomic performance. Our analysis shows how various types of institutions – public, political, legal, monetary – also seem to exert an unexpected effect on resilience.

【 授权许可】

CC BY-NC