全球智库信息集成服务系统(G2TT): DP12108 The International Dimensions of Macroprudential Policies

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12108
	DP12108 The International Dimensions of Macroprudential Policies
	Leonardo Gambacorta; Pierre-Richard Agénor; Enisse Kharroubi; Giovanni Lombardo; Luiz A. Pereira da Silva
发表日期	2017-06-20
出版年	2017
语种	英语
摘要	The large economic costs associated with the Global Financial Crisis have generated renewed interest in macroprudential policies and their international coordination. Based on a core-periphery model that emphasizes the role of international financial centers, we study the effects of coordinated and non-coordinated macroprudential policies when financial intermediation is subject to frictions. We find that even when the only frictions in the economy consist of financial frictions and financial dependency of periphery banks, the policy prescriptions under international policy coordination can differ quite markedly from those emerging from self-oriented policy decisions. Optimal macroprudential policies must address both short run and long run inefficiencies. In the short run, the policy instruments need to be adjusted to mitigate the adverse consequences of the financial accelerator, and its cross-country spillovers. In the long run, policymakers need to take into account the effects of the higher cost of capital, due to the presence of financial frictions. The gains from cooperation appear to be sizable. Nevertheless, their magnitude could be asymmetric, pointing to potential political-economy obstacles to the implementation of cooperative measures.
主题	Financial Economics
关键词	Macroprudential policies International spillovers Financial frictions International cooperation
URL	https://cepr.org/publications/dp12108
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540920
推荐引用方式 GB/T 7714	Leonardo Gambacorta,Pierre-Richard Agénor,Enisse Kharroubi,et al. DP12108 The International Dimensions of Macroprudential Policies. 2017.