Systemic Risk and Macroprudential Regulation: Global Financial Crisis and Thereafter
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The Global Financial Crisis (2007–2008) is undoubtedly the most severe financial crisis the world witnessed since the Great Depression of 1929. The crisis has been analysed by a number of experts offering distinct narratives and counter-narratives. Systemic Risk and Macroprudential Regulations examines the causes and consequences of the global financial crisis and proposes a regulatory reforms policy-macroprudential regulations. The book emphasizes ‘systemic risk’ as the new-found villain of the financial space and narrates how such risk can be addressed through macroprudential tools. It, thus, offers a possible solution to avoid financial crises in future and facilitates building a safer financial system globally. The book also examines major crisis management frameworks, stress-testing, relevant regulatory and supervisory development, and early warning mechanism with detailed cross-country analysis.
Rabi N. Mishra is Director of College of Supervisors (CoS) and Former Executive Director (Supervision & SupTech), Reserve Bank of India, Mumbai.