Procyclicality of the financial system is a feature of any normally functioning economy. However, procyclicality can sometimes become 'excessive' leading to undesired effects on the real economy. The challenge that this volume addresses is to define 'excessive' and to identify policy actions that could produce superior outcomes.

DAVID BURTON Director, Asia and Pacific Department, International Monetary Fund (IMF), USA R. SEAN CRAIG Senior Economist, Monetary and Financial Systems Department, International Monetary Fund (IMF), USA E. PHILIP DAVIS Professor of Economics and Finance, Brunel University, UK CHARLES GOODHART Professor of Economics, London School of Economics and Political Science, UK MÁR GUDMUNDSSON Deputy Head, Monetary and Economic Department, Bank for International Settlements, Switzerland HAN MINGZHI Director-General, International Department, China Banking Regulatory Commission, China EIJI HIRANO Assistant Governor, Bank of Japan, Japan STEFAN INGVES former Director, Monetary and Financial Systems Department, International Monetary Fund (IMF), USA PHILIP LOWE Director General of Competition, European Commission, Italy ANTONIO GARCIA PASCUAL Western Hemisphere Department, International Monetary Fund (IMF), USA WILLIAM A. RYBACK Deputy Chief Executive, Hong Kong Monetary Authority, Hong Kong ANDREW SHENG Chairman, Hong Kong Securities and Futures Commission, Hong Kong GLENN STEVENS Deputy Governor, Reserve Bank of Australia, Australia ASHLEY TAYLOR Economics Department, London School of Economics and Political Science, UK JOSÉ VIÑALS Director General, International Affairs, Banco de España, Spain TARISA WANTANAGASE Deputy Governor, Financial Institutions Stability, Bank of Thailand, Thailand