G2TT
来源类型Working Paper
规范类型工作论文
Macroprudential supervision: from theory to policy
Dirk Schoenmaker; Peter Wierts
发表日期2015-11-25
出版年2015
语种英语
概述While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy.
摘要

Highlights

Financial supervision focuses on the aggregate (macroprudential) in addition to the individual (microprudential). But an agreed framework for measuring and addressing financial imbalances is lacking. We propose a holistic approach for the financial system as a whole, beyond banking.

Building on our model of financial amplification, the financial cycle is the key variable for measuring financial imbalances. The cycle can be curbed by leverage restrictions that might vary across countries and sectors.

Macroprudential supervision has been discussed since the onset of the great financial crisis, but policymakers are still slow on the ground. While the current monetary policy stance of quantitative easing may be needed to stimulate subdued growth, the risk of financial booms is increasing. We make concrete policy proposals for the design of macroprudential instruments to simplify the current framework and make it more consistent.

主题Finance & Financial Regulation
关键词Macro-prudential Monetary policy
URLhttps://bruegel.org/2015/11/macroprudential-supervision-from-theory-to-policy/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429530
推荐引用方式
GB/T 7714
Dirk Schoenmaker,Peter Wierts. Macroprudential supervision: from theory to policy. 2015.
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