Research Department, Central Bank of Nigeria
Financial System Stability, Micro-prudential Regulation, Risk, Systemic Risk, Macro-prudential Regulation
The paper says that a sound and well-functioning financial system is viewed as compromising three pillars that are necessary to support orderly financial development and sustained financial stability. It enumerates the three (3) pillars as including: â€¢ Macro-prudential surveillance and financial stability analysis; â€¢ Financial system supervision and regulation to help manage the risks and vulnerabilities protect market integrity and good governance of financial institutions'; and â€¢ Financial system infrastructure including: legal infrastructure for finance; systemic liquidity infrastructure; and transparency, governance and information infrastructure.
Akoroda, C. (2012). Design, Institutional Arrangement and Implementation of Macro-Prudential Framework. Economic and Financial Review, 50(4), 57-85