Macroprudential policy is perhaps the most important new development in central bank policymaking circles since the global financial crisis, and reliance on such policies has continued to spread. The crisis, which showed the limits of conventional monetary policy as a tool to deal with financial stability, forced a wide-ranging rethink of economic policies, their interactions and their repercussions. It has led to new forms of intervention, of regulation and of supervisory practice. Macroprudential regulation is now one of the most important topics in modern macroeconomics, because it concerns measures put in place to reduce the risks and costs of the instability caused by financial crises. Written by senior figures from the worlds of academia and banking, this volume combines theoretical approaches with hard evidence of the policy's achievements in many countries. It is the first in-depth analysis of macroprudential instruments for policymakers, banks and economists.

Macroprudential policy is perhaps the most important new development in central bank policymaking circles since the global financial crisis, and reliance on such policies has continued to spread. The crisis, which showed the limits of conventional monetary policy as a tool to deal with financial stability, forced a wide-ranging rethink of economic policies, their interactions and their repercussions. It has led to new forms of intervention, of regulation and of supervisory practice. Macroprudential regulation is now one of the most important topics in modern macroeconomics, because it concerns measures put in place to reduce the risks and costs of the instability caused by financial crises. Written by senior figures from the worlds of academia and banking, this volume combines theoretical approaches with hard evidence of the policy's achievements in many countries. It is the first in-depth analysis of macroprudential instruments for policymakers, banks and economists.

In most of the currency crises of the 1990s, the largest output falls have occurred in those emerging economies with large currency mismatches, a phenomenon that occurs when assets and liabilities are denominated in different currencies such that net worth is sensitive to changes in the exchange rate. Currency mismatching makes crisis management much more difficult since it constrains the willingness of the monetary authority to reduce interest rates in a recession (for fear of initiating a large fall in the currency that would bring with it large-scale insolvencies). The mismatching also produces a "fear of floating" on the part of emerging economies, sometimes inducing them to make currency-regime choices that are not in their own long-term interest. Morris Goldstein and Philip Turner summarize what is known about the origins of currency mismatching in emerging economies, discuss how best to define and measure currency mismatching, and review policy options for reducing the size of the problem.

This book introduces Christian ethics from a theological perspective. Philip Turner, widely recognized as a leading expert in the field, explores the intersection of moral theology and ecclesiology, arguing that the focus of Christian ethics should not be personal holiness or social reform but the common life of the church. A theology of moral thought and practice must take its cues from the notion that human beings, upon salvation, are redeemed and called into a life oriented around the community of the church. This book distills a senior scholar's life work and will be valued by students of Christian ethics, theology, and ecclesiology.

Current debates over a host of issues, particularly those relating to homosexuality, have left the 70-million-member Anglican Communion straining to understand what it means to be a communion -- and even wondering whether life as a communion is possible.

In this timely book two priest-scholars, Ephraim Radner and Philip Turner, examine the future of the concept of "communion" as a viable church structure, tracing its historical development as a self-conscious Anglican third way between Protestant congregationalism and Catholic centralism. In examining this essential issue, Radner and Turner relate the specific challenges of the U.S. Episcopal Church to the unity of the worldwide communion, touching on such divisive subjects as the place of Scripture, liberal theology, and episcopal authority. Their discussion is at once measured and impassioned, erudite and practical.

Compelling reading for Episcopalians and those in other traditions who are searching for a truly Christian approach to these thorny topics, "The Fate of Communion" is a forthright, direct examination of a church in tu