Central Bank Regulation toward Financial Stability: Convergence, Divergence, or Multiple Pathways? Evidence from the Comparative Study
The key propositions of this research, relating as they do to the market or government orientations of central banks, have been successively considered in Chapters 4–8. These dealt respectively with four selected central banks, namely: the US Fed, the BOE, the BOJ and the PBC. The main themes were addressed by reference to these case studies. It is clear that the GFC has challenged the ability of the existing central bank regulation to maintain financial stability. This chapter will now identify the leading signs of convergence or divergence and the multiple pathways in the character and conduct of these central banks’ approaches to facilitating systemic stability.
KeywordsMonetary Policy Financial Market Financial Crisis Central Bank Legal Framework
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