Behavioural finance and the macroprudential dimension

Joanna Gray

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


This article poses the question whether the insights of behavioural research in finance could inform use of the macroprudential toolkit to be employed in order to counter risk to the financial system and promote stability with in financial markets. It concludes that our understanding of the interplay between micro behaviours in financial markets and macro effects in terms of financial stability is still at too rudimentary stage to offer much clear guidance in legal and regulatory design in use of the new macroprudential instruments.
Original languageEnglish
Pages (from-to)296–310
JournalJournal of Banking Regulation
Issue number4
Early online date23 Dec 2015
Publication statusPublished - Nov 2016


  • macroprudential financial regulation
  • behavioural finance


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