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Title: Macro-Financial Linkages: implications or monetary and financial system stability
Authors: Chikezie, Frank
Keywords: Monetary Policy
Financial Stability,
Macro-financial linkages
Monetary policy transmission channels
Micro-prudential policy
Macro-prudential policy
Systemic risk
Issue Date: Dec-2012
Publisher: Research Department, Central Bank of Nigeria
Citation: Chikezie, F. (2012). Macro-Financial Linkages: implications or monetary and financial system stability. Economic and Financial Review, 50(4), 14-56.
Series/Report no.: Economic and Financial Review;Vol. 50, No.4
Abstract: This paper is structured into two parts. Section I discuss the structure of the macroeconomy and the financial industry, and the interactions between monetary policy and the financial system. The section also showed how monetary policy could create the condition for financial stability. Section 2, on the other hand, discuss the implications of macro-financial linkages for monetary and financial system stability with emphasis on how the new credit risk transfer mechanism (securitisation and derivatives) had altered the nature of some macro-financial linkages, with considerable policy implications. The section concluded by referring to the new direction of macro-prudential regulation and the tools for managing risks created by macro-financial linkages. Reference was also made to the recent subprime financial crisis that started in the US economy with lessons for emerging market economies, such as Nigeria.
ISSN: 1957-2968
Appears in Collections:Economic and Financial Review

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