Taming the Cycles of Finance?: Central Banks and the Macro-Prudential Shift in Financial Regulation

Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

宏觀審慎監管是一套經濟和政策工具，旨在減輕金融和銀行體系中的風險。它主要是為了應對2007-08年的金融危機而發展起來的，將中央銀行轉變為事實上的金融警察。《馴服金融循環》追蹤了宏觀審慎監管在危機後的崛起，並認為儘管其最初的目標是在危機時支持金融體系，但在繁榮時期卻未能遏制金融體系。本書研究了英國、美國和歐元區不同的宏觀審慎框架的發展，解釋了中央銀行經濟學家如何建立預警系統來識別金融體系的脆弱性。然後，本書展示了行政和政治限制如何限制了這一轉變的影響，因為中央銀行對於以裁量方式干預持懷疑態度，而政策制定者則反對限制信貸增長的措施。