| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15198 |
| DP15198 The International Aspects of Macroprudential Policy | |
| Kristin Forbes | |
| 发表日期 | 2020-08-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Countries are using macroprudential tools more actively with the goal of improving the resilience of their broader financial systems. A growing body of evidence suggests that these tools can accomplish specific domestic goals and should reduce country vulnerability to many domestic and international shocks. The evidence also suggests, however, that these policies are not an elixir. They will not insulate economies from volatility and they generate leakages to the non-bank financial system and spillovers through international borrowing, lending and other cross-border exposures. Some of these unintended consequences can mitigate the effectiveness of macroprudential policies and generate new vulnerabilities and risks. The “Corona Crisis” provides a lens to evaluate the effectiveness of current macroprudential regulations during a period of extreme market volatility and economic stress. Experience to date suggests that macroprudential tools provide some benefits and should remain a focus of macroeconomic policy, but with realistic expectations about what they can accomplish. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Macroprudential Capital-flow measures Bank regulation Spillovers |
| URL | https://cepr.org/publications/dp15198 |
| 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/544168 |
| 推荐引用方式 GB/T 7714 | Kristin Forbes. DP15198 The International Aspects of Macroprudential Policy. 2020. |
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