the world. In this essay, I examine one of the principle new approaches to regulation – regulating macro prudential risk …

regulation did not take the "big picture" of the system suffciently into account and, subsequently, financial supervision mainly … "missed the forest for the trees". As a result, the need for macroprudential aspects of regulation emerged, which has recently … macroprudential regulation in creating stable, yet effcient financial systems. At the same time, I emphasize the importance of …

capital regulation, (iii) they mainly operate through their cyclical component, ensuring that long-run dividend payouts remain …