Brunnermeier M.K., Crockett A., Goodhart C.A., Persaud A., and Shin H.S., 2009, “The Fundamental Principles of Financial Regulation”, Geneva Report on the World Economy, 11, July. Caruana J., 2011, “Monetary Policy in a World with Macroprudential Policy”, speech delivered at the SAARCFINANCE Governors’ Symposium, Kerala, June.
The very nature of risks and how regulators approach these risks have likewise seen significant change thru the years. All these were the focus of our attention even before the Chinese economy showed weakness, the US Fed’s decision to raise its benchmark rates in December, the subsequent tightening of market liquidity and well before Brexit.