© 2014

The Limits of Surveillance and Financial Market Failure

Lessons from the Euro-Area Crisis

  • Kumiharu Shigehara

Table of contents

  1. Front Matter
    Pages i-xv
  2. Part I

  3. Part II

  4. Part III

  5. Part IV

    1. Front Matter
      Pages 97-97
    2. Adrian Blundell-Wignall, Caroline Roulet
      Pages 108-130
    3. Charles A. E. Goodhart
      Pages 131-139
  6. Part V

    1. Front Matter
      Pages 141-141
    2. Gunter D. Baer
      Pages 163-169
  7. Part VI

    1. Front Matter
      Pages 171-171
    2. Robert W. R. Price
      Pages 173-179

About this book


This book examines the effectiveness of surveillance by international institutions for financial crisis prevention. It discusses issues relating to designing effective micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance.


surveillance financial crisis prudential policy micro-prudential policy macro-prudential policy euro area crisis global financial crisis market failure financial instability herd instinct banking and financial regulation prudential regulation credit rating agency balance-of-payments crisis unit-laborcosts inflation divergence fiscal rules Stability and Growth Pact Maastricht criteria IMF bank banking financial markets macroeconomics monetary policy

Editors and affiliations

  • Kumiharu Shigehara
    • 1
  1. 1.International Economic Policy Studies AssociationJapan

About the editors

Paul E. Atkinson, International Economic Policy Studies Association, USA Stephen H. Axilrod, Consultant, USA Gunter D. Baer, Consultant, Germany Adrian Blundell-Wignall, OECD, Australia Charles A.E. Goodhart, London School of Economics, UK André Icard, Prudential Supervision and Resolution Authority, France Val Koromzay, Consultant, USA Leif Pagrotsky, Consultant, Sweden Robert W.R. Price, International Economic Policy Studies Association, UK Caroline Roulet, OECD, France Jeffrey R. Shafer, Consultant, USA Carol Sirou, Standard & Poor's, France Nicholas J. Vanston, International Economic Policy Studies Association, UK William R. White, OECD, France

Bibliographic information

Industry Sectors
Finance, Business & Banking