全球智库信息集成服务系统(G2TT): DP14948 Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14948
	DP14948 Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?
	Katharina Bergant; Francesco Grigoli; Niels-Jakob Hansen; Damiano Sandri
发表日期	2020-06-26
出版年	2020
语种	英语
摘要	We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set of macroprudential tools contribute to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky forms of credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macroeconomic stability. These findings on the benefits of macroprudential regulation are particularly notable since we do not find evidence that stricter capital controls provide similar gains.
主题	International Macroeconomics and Finance
关键词	Macroprudential policies monetary policy Capital controls
URL	https://cepr.org/publications/dp14948
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/543893
推荐引用方式 GB/T 7714	Katharina Bergant,Francesco Grigoli,Niels-Jakob Hansen,et al. DP14948 Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?. 2020.