In this paper, I shall briefly discuss five issues: (1) the 'collective action' problem, whereby bankers have an incentive to herd together; (2) the provision of central bank liquidity insurance; notably the time consistency and stigma concerns; (3) clarifying the objectives of central bank...

In the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international...