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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 | HighlightsFinancial 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 |
URL | https://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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11133-000001.png(37KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
WP-2015_15.pdf(680KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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