macroprudential regulation, global financial governance, systemic risk, risk of &ldquo,too big to fail”, procyclicalit," /> Consensus and Disputes of Macroprudential Global Financial Governance" /> macroprudential regulation, global financial governance, systemic risk, risk of &ldquo,too big to fail”, procyclicalit,"/> <div style="line-height: 150%">Consensus and Disputes of Macroprudential Global Financial Governance</div>
 
 
 
太平洋学报
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Consensus and Disputes of Macroprudential Global Financial Governance
Nankai University
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Abstract  
Since the global financial crisis in 2008, macroprudential financial regulation has become a new core of global financial governance, and national and international regulators have reached consensus on the idea and practice of macroprudential regulation. Ideational consensus lies in cognition of the conceptual and empirical origin, policy objectives, and inner logic of macroprudential regulation, while practical consensus mainly relates to the development of international institutions regarding macroprudential regulation. These international institutions specifically involve the identification and measurement of systemic risks and policy tools coping with time⁃dimension and cross⁃section⁃dimension systemic risks. Despite these ideational and practical consensuses, macroprudential global financial governance still faces many disputes and debates,including diversified categorization of policy tools, differentiation and challenges of institutional structure,gap of policy implementation, deficiency and difficulty of comprehensive assessment, spillover and ambiguity of policy application, fluctuation of major powers’ policies, and erosion of consensus among major economies. Consolidating consensus and handling disputes are crucial to secure the persistent improvement of global financial governance.
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ZHANG Falin
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ZHANG Falin.
Consensus and Disputes of Macroprudential Global Financial Governance
[J]. 太平洋学报, 2019, 27(2): 50-62.
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