English, Article, Journal or magazine article edition: Asset Price Bubbles and Prudential Regulation Jeffrey Carmichael; Neil Esho

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Bookmark: http://trove.nla.gov.au/version/128
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Asset Price Bubbles and Prudential Regulation
Author
  • Jeffrey Carmichael
  • Neil Esho
Physical Description
  • preprint
Notes
  • This paper outlines the arguments in favour of using prudential regulation to influence asset price bubbles. We examine the costs and benefits of placing restrictions on portfolio composition, adjusting capital requirements, introducing a system of counter-cyclical provisioning, and more extensive use of stress testing and internal models, as possible options to influence the behaviour of the banking system and therefore asset prices. We argue against the use of portfolio restrictions and find that adjustments to capital requirements are difficult to implement in a systematic way. However, we suggest that a case exists for a counter-cyclical provisioning regime similar to that introduced by the Spanish banking regulators. We also argue that more extensive use of stress testing and internal models may have a role to play in minimising the risks of asset price bubbles as these become better integrated into the toolkit of financial regulators.
  • Asset Price Bubbles; Prudential Regulation; Australian Economic History
  • RePEc:apr:aprewp:wp2001-03
Language
  • English
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