2012 | OriginalPaper | Chapter
Systemic Risk and Macroprudential Regulation
Authors : Franklin Allen, Elena Carletti
Published in: The Global Macro Economy and Finance
Publisher: Palgrave Macmillan UK
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During the recent crisis microprudential regulation of the banking system turned out to be unable to maintain financial stability largely because it did not recognize the problem of systemic risk. This chapter discusses in detail the sources of systemic risk, their importance for financial stability and the macroprudential policies that are necessary to address them.