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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?

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

Claudio Borio

Oxford University Press

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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