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date: 25 February 2021

Abstract and Keywords

This Chapter examines the regulatory and institutional issues relating to the management of systemic risk and the concept of macro-prudential supervision in financial markets. It begins by reviewing the ‘paradigm shift’ in the management of systemic risk following the global financial crisis of 2007–09 and the motivations for the changes that were adopted. It then considers the trend towards macro-prudential supervision and the definition of macro-prudential policy, along with some of the instruments that are commonly used in macro-prudential policy. It also outlines some of the institutional challenges involved in creating arrangements at the international, regional, and domestic levels. The Chapter concludes by arguing that international cooperation and coordination of policies is necessary for realizing effective domestic and regional institutional frameworks for macro-prudential policy.

Keywords: systemic risk, macro-prudential supervision, financial markets, financial crisis, macro-prudential policy, international cooperation

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