Document Type : Article
Authors
1 Associate Prof. Department of International Law, Faculty of Law, Shahid Beheshti University, Tehran, Iran
2 Ph.D. Student in International Trade and Investment Law, Faculty of Law, Shahid Beheshti University, Tehran, Iran
Abstract
Since the beginning of trade liberalization in the 1970s, many financial crises have occurred in various countries. Following the financial crisis of 2008, macroprudential regulation in banking has emerged, emphasizing the importance of overall financial stability rather than the stability of individual banks. Many countries have established a new institution for this regulation, known as the "financial stability council." While most countries have formed such councils, Iran has yet to do so. A new government bill is attempting to establish this council, but its structure is not clearly defined, necessitating further research. Using a descriptive-analytic approach and library sources, we aim to answer the question: how the legal framework for the financial stability council should be designed? Our findings suggest that the financial stability council of Iran should operate independently of the government, the central bank, and the finance ministry. Its members should include representatives from the central bank, the finance ministry, and external experts.
Keywords
Main Subjects
- فارسی
الف) مقالات
- سادات اخوی، سیدمحمد؛ حسینی، سید شمس‌الدین (1396). ارزیابی تأثیر تحریم اقتصادی بر تورم اقتصاد ایران. فصلنامة اقتصاد کاربردی، 7(21).
- مهرگان، نادر؛ دلیری، حسن (1392). واکنش بانک‌ها در برابر سیاست‌های پولی بر اساس مدل DSGE. فصلنامة پژوهش‌ها و سیاست‌های اقتصادی، 21(66).
- نیکخو، حافظ؛ خلیلی، فرزانه؛ رحمانی، تیمور (1399). اثر بی‌ثباتی نرخ ارز و تورم در رفتار وام‌دهی بانک‌ها. فصلنامة پژوهش‌های پولی-بانکی، 13(44).
- انگلیسی
- Books
- Dill, A. (2020). Bank Regulation, Risk Management, and Compliance: Theory, Practice, and Key Problem Areas. Informa Law from Routledge, New York.
- Jain, H. (2017). Trade Liberalization, Economic Growth and Environmental Externalities. Palgrave Macmillan, Singapore.
- Lastra, R. (2015). International Financial and Monetary Law, Oxford University Press, Oxford.
- Articles
- Adrian, T., & Shin, H. (2012). Capital Flows and Risk-Taking Channel of Monetary Policy. 11th BIS Annual Conference.
- Altunbas, Y. et al (2010). Does Monetary Policy Affect Bank Risk Taking? Bank for International Settlements Working Paper, (298).
- Bank for International Settlement (2022). Old Challenges, new shocks, Annual Economic Report.
- Barabas, J. (2004). How Deliberation Affects Policy Opinions, 98 (4) American Political Science Review 687, 699.
- Borio, C., & Zhu, H. (2008). Capital Regulation, Risk-taking and Monetary Policy: A Missing Link in the Transmission Mechanism?, Bank for International Settlements Working Paper
- Buiter, W. (2009). The Proposed European Systemic Risk Board is Overweight by Central Banks in Willem Buiter’s Maverecon.
- Calvo, D. et al (2018). Financial Supervisory Architecture – What has Changed After the Crisis? Financial Stability Institute Insights on Policy Implementation (8).
- Clark, A., & Large, A. (2011). Macroprudential Policy: Addressing the Things We Don’t Know, Group of 30 Occasional Papers (83).
- De Larosiè, J. (2009). The High-Level Group on Financial Supervision in the EU Chaired, Report Brussels.
- De Nicolo, G. et al (2010). Monetary Policy and Bank Risk-Taking, International Monetary Fund Staff Position Note 9.
- Edge, R., & Liang, N. (2019). New Financial Stability Governance Structures and Central Banks, Hutchins Center Working Paper (50).
- European Systemic Risk Board (2019). A Review of Macroprudential Policy in the EU in 2018, (23).
- Forbes, K. (2020). The International Aspects of Macroprudential Policy. National Bureau of Economic Research Working Paper Series, (27698).
- HM Treasury (2010). A New Approach to Financial Regulation: Judgment, Focus and Stability.
- HM Treasury (2011). A New Approach to Financial Regulation: Building a Stronger System, February 2011.
- IMF, FSB and BIS (2016). Elements of Effective Macroprudential Policies Lessons from International Experience.
- International Monetary Fund (2013). Key Aspects of Macroprudential Policy, available at < https://www.imf.org/external/np/pp/eng/20s13/061013b.pdf>, Last visit: 4/5/2021.
- International Monetary Fund (2018). The IMF’s Annual Macroprudential Policy Survey Objectives, Design, and Country Responses, available at: https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/04/30/pp043018-imf-annual-macroprudential-policy-survey.
- Jeanneau, S. (2012). Financial Stability Objectives and Arrangements – What’s New? Bank for International Settlements Papers 76.
- Keller, A. (2019). Debiasing Macroprudential Policy: Part 1: An Evidence-based Approach and the Precautionary Principle, 34 (1) Journal of International Banking Law and Regulation.
- Lim, C. H. et al (2013). Institutional Arrangements for Macroprudential Policy in Asia, IMF Working Paper 165.
- Masciandaro, Donato & Volpicella, Alessio (2016). Macroprudential Governance and Central Banks: Facts and Drivers. 61 Journal of International Money and Finance 101.
- Masciandaro, D. (2018). Central Banks and Macroprudential Policies: Economics and Politics. Bocconi University Working Paper (78).
- Nier, E. et al (2011). Institutional Models for Macroprudential Policy, IMF Staff Discussion Note SDN/11/18.
- Nier, E. et al (2014). The IMF Staff Guidance Note on Macroprudential Policy, available at: https://www.imf.org/external/np/pp/eng/2014/110614.pdf, Last Visit: 10/16/2022.
- Schoenmaker, D. et al (2014). Allocating Macro-prudential Powers, Reports of the ESRB Advisory Scientific Committee (5).
- The Committee of Global Financial System (2018). Financial Stability Implications of a Prolonged Period of Low Interest Rates. CGFS Paper No 61.
- Warsh, K. (2016). Institutional Design: Deliberations, Decisions and Committee Dynamics in Warsh, Kevin (ed). Central Bank Governance and Oversight Reform, Hoover Institution, Stanford University.
)