The modern financial system involves many different types of assets and markets, and the rules designed to safeguard it are just as diverse. Monetary policy, fiscal policy, prudential regulation through capital adequacy and leverage caps and counter cyclical buffers

| February 14, 2018

The modern financial system involves many different types of assets and markets, and the rules designed to safeguard it are just as diverse. Monetary policy, fiscal policy, prudential regulation through capital adequacy and leverage caps and counter cyclical buffers are but a few. Expecting regulators to identify bubbles in advance—and then design rules to deflate them—may be optimistic. But if countries are to avoid repeating past mistakes, macroprudential regulations may need to be …

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