CHALLENGES OF THE WORLD CRISIS FOR THE PRESENT MACROECONOMIC REGULATION
VASSIL SIVOV
Abstract
Much current thinking about reform of financial regulation has centred on proposals to place macroeconomics at the heart of the regulatory process. The article examines the legislative and regulatory changes which would be needed to introduce macroeconomic regulation into the existing regulatory framework - in particular, which institutions would need to be given which responsibilities, and how regulatory powers and supervisory policies would have to change if a macroeconomic remit were to be added to the functions of the national regulators or the international bodies. The current proposals for the formation of international macroeconomic bodies, both at EU and at a global level, fall some way short of the establishment of international regulatory bodies. The article considers what the proposals, if carried through, could achieve, and conclude that empowered macroeconomic regulation, if it is to be conducted at all, will have to be conducted at the international level.
Key words
macroprudential policy, financial regulation, international institutions.
References
P. Krugman a.o. The Crisis and how to deal with it. The New York Review of Books 2009. Vol. 56, No 10.
Gordon Brown. Beyond the Crash. SIMON & SCHUSTER, London 2010.
From Crisis to Confidence: Plan for Sound Banking. Policy White Paper. Conservatives, London, July 2009.
Vinãls, Jonathan Fiechter a.o. The Making of Good Supervision: Learning to Say "No".IMF Publications May 18, 2010.
Строс-Кан: Старата схема на глобализацията отваря пропаст между бедни и богати. Гласове, 05.04.2011 г.; Строс Кан: Кризата показа - нужна е държавна намеса. Стандарт, 05 април 2011; IMF Managing Director Dominique Strauss-Kahn Calls for New Global Approaches to Post-Crisis World. The Hive Daily, Apr. 8, 2011.
Централните банки: Повече власт, повече отговорности. Investor.bg, Анализи, 22.02.2011.
Robin Harding and Telis Demos. CFTC to Investigate Oil Price Manipulation. Financial Times, April 22, 2011. Global Financial Stability Report. IMF Oct. 2009.
U.K. Plan Toughens Regulation of Banks. The Wall Street Journal/Europe Business July 9, 2009.
At Davos, Sarkozy Calls for Global Finance Rules. The New York Times/Global Business January 27, 2010.
U.S. deficit: Jean-Claude Trichet more confident that the IMF. Economic News Paper, April 25, 2011.
DAVOS: Deutsche Bank's Ackermann: Euro Isn't in Jeopardy. The Wall Street Journal Jan. 28, 2011.
Davos 2010: Barclays' Bob Diamond attacks Obama's banking plans. Guardian 27 January 2010.
Full Text: PDF (Bulgarian)