Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/193615 
Year of Publication: 
2014
Series/Report no.: 
Reports of the Advisory Scientific Committee No. 5
Publisher: 
European Systemic Risk Board (ESRB), European System of Financial Supervision, Frankfurt a. M.
Abstract: 
Monetary, macro-prudential and micro-prudential policies are intimately linked. The macroprudential authority should be allocated to the body where the overall balance of synergies (between policy objectives) over conflicts and the required expertise are the largest. This report reviews the pros and cons of the four institutional models for the allocation of macro-prudential powers: (1) the government, (2) the central bank, (3) the financial authority and (4) a committee with representatives from these three bodies.
Subjects: 
macroprudential regulation
economic policy
governance
JEL: 
G28
Document Type: 
Research Report

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