FPC better equipped for crisis than FSOC – BoE paper
Paper compares how macro-prudential regulators in UK and US would handle a 2008-style crisis
The UK’s Financial Policy Committee “stands a better chance” of preventing a re-run of the 2008 financial crisis than the US Financial Stability Oversight Council, according to research published by the Bank of England.
In the staff working paper, David Aikman, Jonathan Bridges, Anil Kashyap and Caspar Siegert design a thought experiment in which post-crisis reforms such as Basel III are not in place, but macro-prudential regulators such as the FPC and FSOC are able to wield the tools currently
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