Micro-prudential policy ‘bulwark’ against systemic risks, says San Fran Fed’s Williams
Prevalence of shadow banks limits use of conventional macro-pru tools
The prevalence of ‘shadow banks' in the US "severely limits" the ability to impose macro-prudential restrictions such as loan-to-value limits, according to Federal Reserve Bank of San Francisco president John Williams.
Addressing the Symposium on Asian Banking and Finance in Singapore today (May 28), Williams added: "Micro-prudential regulation and supervision will for the foreseeable future be the bulwark against systemic risk."
Nonetheless, he said, there are "important ways in which a macro
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