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National Repository of Grey Literature 22 records found  beginprevious21 - 22  jump to record: Search took 0.01 seconds. 
Macroprudential Policy and Its Instruments in a Small EU Economy
 Frait, Jan ; Komárková, Zlatuše
This paper focuses on the way the macroprudential policy framework in a small EU economy should be designed. With reference to the experience of the Czech Republic’s financial system and the Czech National Bank it provides definitions of financial stability and macroprudential policy as well as of their objectives. It then explains how systemic risk evolves over the financial cycle and outlines approaches to preventing systemic risk in the accumulation stage of the cycle and subsequently mitigating the materialisation of such risk if prevention fails. The paper argues that for the establishment of a macroprudential policy framework in a bank-based economy with a relatively simple and small financial sector, the phenomenon of procyclical behaviour has to stand centrally. Correspondingly, a macroprudential authority in such an economy has to look primarily at cyclically induced sources of systemic risks. Nevertheless, structural sources of systemic risks and associated instruments are discussed as well. The arguments for the recommended arrangements are supported by empirical investigations into the extent of procyclicality in European banks’ lending behaviour and the contribution of the regulatory and accounting framework to it. JEL
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Financial frictions, bubbles, and macroprudential policies
 Derviz, Alexis
Writer explores the ability of a macroprudential policy instrument to dampen the consequences of equity mispricing (a bubble) and the correction thereof (the bubble bursting), as well as the consequences for real activity in a production economy. In the model, producers are financed by both bank debt and equity, and face a mix of systemic and idiosyncratic uncertainty.
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National Repository of Grey Literature : 22 records found   beginprevious21 - 22  jump to record:
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