Acknowledgements -- Introduction -- The practice of macroprudential policy -- Preliminaries -- The design of macroprudential policy -- The institutions of macroprudential policy -- The instruments of macroprudential policy -- The conduct of macroprudential policy -- The theory of macroprudential...

This paper explores the similarity of the underlying economic problems that lead to the establishment of (a) independent central banks to operate national monetary policies and (b) independent regulatory agencies for telecommunications and other utility service industries. We show that, in both...