There was a world BC (Before Crisis) and there will be a world AD
(After Deleveraging) - the challenge is to create an effective,
efficient yet stable and sustainable financial system for this 'new
world'. This book provides the most comprehensive and
thought-provoking basis for action I have seen so far.' - Paul
Achleitner, Chair of Supervisory Board Deutsche Bank AG'The
financial crisis demonstrated conclusively that for central bankers
and other policymakers financial stability must always be of
paramount concern, for without it the macroeconomy will perform
badly and monetary policy will lose its effectiveness. This book
underscores the importance of financial stability, laying out the
key issues and what must be done to avoid such disasters in the
future.' - William C. Dudley, President of the Federal Reserve Bank
of New York, US 'Since 2008, financial stability has moved to the
center of the policy stage. This volume, combining contributions
from leading policy makers and academics, is the essential
introduction to the issues. Must reading.' - Barry Eichengreen,
George C. Pardee and Helen N. Pardee Professor of Economics and
Political Science, University of California, Berkeley, US
'Financial stability is an overarching goal. In open and democratic
societies, ensuring financial stability is a matter of interest not
only to central bankers, academics and financial market players,
but also to all well-informed citizens. This book provides an
excellent basis for a wide-ranging and rewarding debate.' - Thomas
J. Jordan, Chairman of the Governing Board of the Swiss National
Bank 'Financial stability is necessary. To achieve this common
target an on-going dialogue is required between industry,
policymakers, academia and other relevant stakeholders. This book
provides a welcome and refreshing perspective from different
standpoints on the issues at stake, and reminds us of the remaining
work ahead.' - Axel Weber, Chair of Supervisory Board, UBS In the
aftermath of the financial crisis, new financial market regulation
is being implemented, and increasing numbers of countries are
establishing new legislation for macroprudential oversight. Against
this backdrop, this thought provoking book provides a platform for
the leading international experts to discuss and encourage future
debate on financial stability. The breadth and scope of the issues
addressed reflect the challenge of developing and consistently
implementing a coherent set of financial reforms to promote
financial stability. The book advocates the development of
financial reforms that are effective in striking the optimal
balance between realizing the enormous benefits of efficient
financial intermediation, capital allocation and risk management on
the one hand, and controlling systemic risks and maintaining
financial stability on the other. Making an important contribution
to deepening our understanding of the many facets of financial
stability, this book will prove a challenging read for policy
makers, regulators and central bankers as well as for researchers
and scholars in the fields of economics, money, finance and
banking. Contributors include: P. Angelini, S.N. Altimari, L. Bini
Smaghi, M. Blessing, C.M. Buch, M.C. Burda, J.M. Campa Fernandez,
M. Carney, J. Caruana, A. Dombret, W.P. Gaglianone, P. Hildebrand,
V. Hofstatter, A. Ittner, K.H.W. Knot, U. Koerner, C. Lagarde,
J.-P. Landau, S. Lautenschlager, D.T. Llewellyn, O. Lucius, Y.
Mersch, H. Nakaso, E. Nowotny, L.A. Pereira da Silva, W.
Rothensteiner, A. Soares Sales, N. Sheets, P. Tucker, G.
Tumpel-Gugerell, H. van Voorden, I. Visco
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