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Financial Regulators and Macroprudential Policy

The 2008 global financial crisis was a rude awakening for financial regulators. In its wake, a novel approach called “macroprudential policy” became an important pillar of financial regulation to ensure the stability of the financial system. But in the decade after the crisis, financial regulators in different countries implemented macroprudential policies that varied widely in their stringency.This is a worrying gap since uneven regulation across borders and different financial sectors was a key driver of the 2008 crisis. What explains these cross-country, cross-sectoral, and temporal variations in macroprudential policy? This book answers this question through an in-depth comparative historical analysis of the banking and asset management sectors in the United States and Japan. By compar