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Contribution Details

Type Master Thesis
Scope Discipline-based scholarship
Title Macroprudential regulation: Where do we stand?
Organization Unit
  • Elias Castelli
  • Jean-Charles Rochet
  • English
Institution University of Zurich
Faculty Faculty of Economics, Business Administration and Information Technology
Date December 2011
Abstract Text The last two decades have been characterized by several fmancial cnses of different magnitude and intensity. Especially the last one, the subprime mortgage crisis of 2007-2009, hit the whole financial system very badly causing repercussions also on the real economy of numerous countries. There is agreement among economists on the idea that nowadays financial stability is an issue that has to be treated on an international scale. The following paper presents the new Basel accords from this perspective. The implementation of Basel III will start to see the light of the day on January 2013 and will bring, in addition to enhancing the existing microprudential rules proposed by its predecessor, a new macroprudential overlay suited for tackling global financial instabilities both on a time- and on a cross-sectional dimension. The initial part of this work on financial stability and Basel III is better accompanied by the analysis of two recent papers both of which provide precious intuitions, advices, information and recommendations on how to achieve financial stability and how to relate to the risk faced in our everyday-life's decisions, given that predicting future with certainty still remains a super-terrestrial task.
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