Dealing with financial fragility in the 21st century: Prudential and monetary policy after the crisis

• Autores: Anna Shostya, Yuliya Palianok
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 14, 2017, págs. 90-107
• Idioma: inglés
• Títulos paralelos:
  • Lidiando con la fragilidad financiera en el siglo XXI: Las políticas monetaria y prudencial después de la crisis
• Enlaces
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• Resumen
  • español

    Este artículo se suma a la literatura sobre la política prudencial y la política monetaria en Estados Unidos, que ha evolucionado dramáticamente en respuesta a la Crisis Financiera Global de 2007-2009. La crisis de las subprimes, que se originó en Estados Unidos y que se extendió al resto del mundo, ha revelado una serie de lagunas en el marco regulador que convierten al sistema financiero estadounidense, así como al de otros países, en un sistema financiero vulnerable a shocks. Dicha crisis exigió acciones inmediatas por parte de la Reserva Federal, el Banco Central Europeo y otros bancos centrales para revertir la crisis generalizada de liquidez en los mercados financieros.

    Los decisores políticos también han reconocido la necesidad de dar un mayor protagonismo a las perspectivas sistémicas en sus marcos regulatorios. Este artículo analiza las fuentes de riesgo sistémico en el contexto de la reciente crisis financiera, así como discute los cambios en la política macroprudencial y microprudencial en Estados Unidos.

    Además, el artículo compara y contrasta la extensión de la política monetaria convencional llevada a cabo por la Reserva Federal con los enfoques no convencionales de política monetaria. Se ofrecen también algunas recomendaciones de política para minimizar la probabilidad de vulnerabilidad del sistema financiero ante futuros shocks

  • English

    This paper adds to the literature on US prudential and monetary policy, which have changed drastically in response to the Global Financial Crisis of 2007-2009. The subprime crisis that originated in the United States and went on to affect the rest of the world has revealed a number of loopholes in the regulatory framework that made the financial system in the US, as well as in other countries, vulnerable to shocks. That situation called for immediate action from the Federal Reserve, the European Central Bank and other central banks that had struggled to reverse a massive seizure of liquidity in financial markets. Policy makers have also recognized a need for a much more extensive incorporation of systemic perspectives into their regulatory frameworks. This paper analyses the sources of systemic risk in the context of the recent financial crisis and discussesthe changesin macroprudential and microprudential policy in the United States.

    In addition, the paper compares and contrasts the Fed’s extension of conventional monetary policy with other unconventional monetary policy approaches. Policy recommendations to minimize the financial system’s vulnerability to shocks are offered

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