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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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A Practical Approach to the Regulation of Risk

A Practical Approach to the Regulation of Risk

(p.52) 3 A Practical Approach to the Regulation of Risk
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter talks about the practical steps to be taken toward the regulation of systemic risk. It focuses on three measures proposed by Willem Buiter, Charles Goodhart, and Avinash Persaud. The first measure recommends that the regulator should conduct system-wide stress tests of scenarios that most likely produce systemic stress. The second measure focuses on Willem Buiter’s proposition that regulation should be targeted at highly leveraged institutions in whatever legal status, while the third measure offers Charles Goodhart and Avinash Persaud’s suggestion that capital charges should be raised in a boom and relaxed in a slump.

Keywords:   systemic risk, Willem Buiter, Charles Goodhart, Avinash Persaud, system-wide stress tests, systemic stress, capital charges

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