Tracy Maguze, Ph.D.’21, publishes book on macroprudential policy

Tuesday, January 23, 2024 - 10:29

Tracy Maguze, who obtained her Ph.D. at Católica Global School of Law in 2021, has recently published her groundbreaking doctoral thesis as a book with the title “The Governance of Macroprudential Policy: How to Build Regulatory Legitimacy Through a Social Justice Approach”.

Book_Tracy Maguze

Tracy's book comes on the heels of a tradition where our Ph.D. graduates contribute to scholarly discourse by transforming their theses into impactful publications. Her book stands as an important addition to this legacy, showcasing the depth of legal research produced at Católica Global School of Law.

Published by Hart, the book critically examines the theoretical foundations and legal framework for macroprudential policy, its tools and governance in the UK, the US, and the EU. It goes deeper into a normative discussion of the legitimacy of macroprudential policy in these jurisdictions, where the mandate for maintaining financial stability has been delegated to independent authorities. The Global Financial Crisis of 2007-2008 reopened debates regarding the legitimacy of the independent regulatory state, and the response to a perceived legitimacy gap has been to increase political oversight in financial policymaking and regulation. The book posits that the real problem is not a lack of democracy, but rather a lack of social justice. By proposing that macroprudential policymakers should have a social justice mandate alongside their financial stability mandate, the book contributes to the growing discourse on the role of social justice in public policy.

photo_Tracy Maguze

Tracy Maguze is currently a research officer with The Pew Charitable Trusts’ Housing Policy Initiative in Washington, DC, developing and conducting original research on financial arrangements for home purchases, with a particular focus on the small-mortgage market. Prior to joining Pew, she worked in various in-house legal and advisory roles in the financial sector. Tracy holds a Bachelor of Laws degree from the University of Zimbabwe, a Master’s in Corporate Law from the University of Edinburgh, and a Ph.D. in Law from Católica Global School of Law, where she also taught a module on Introduction to Global Financial Law.

As we celebrate Tracy’s achievement, we invite readers to explore the book and share their thoughts on this essential contribution to the field of financial law.