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New Perspectives on Asset Price Bubbles$
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Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Print publication date: 2012

Print ISBN-13: 9780199844333

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199844333.001.0001

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Towards a Macroprudential Framework for Financial Supervision and Regulation?

Towards a Macroprudential Framework for Financial Supervision and Regulation?

Chapter:
(p.243) Chapter 8 Towards a Macroprudential Framework for Financial Supervision and Regulation?
Source:
New Perspectives on Asset Price Bubbles
Author(s):

Claudio Borio

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199844333.003.0008

This chapter focuses on the financial instability that results from the bursting of asset price bubbles. It first defines the micro- and macroprudential perspectives before suggesting that the safeguards against financial instability can be improved by moving beyond microprudential regulation and taking into account the cross-firm interconnections and externalities that arise when financial institutions encounter problems. It also stresses the need to strengthen macroprudential regulation for financial supervision.

Keywords:   financial instability, asset price bubbles, microprudential regulation, financial institutions, macroprudential regulation, financial supervision

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