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Macroprudential regulation and the role of monetary policy [PDF]
, 2014 We study the macroprudential roles of bank capital regulation and monetary policy in a borrowing cost channel model with endogenous financial frictions, driven by credit risk, bank losses and bank capital costs. These frictions induce financial accelerator mechanisms and motivate the examination of a macroprudential toolkit.
Tayler, William, Zilberman, Roy
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Macroprudential Regulation of Investment Funds
SSRN Electronic Journal, 2022The investment fund sector, the largest component of the non-bank financial system, is growing rapidly and the economy is becoming more reliant on investment fund financial intermediation. This paper builds a dynamic stochastic general equilibrium model with banks and investment funds.
Di Iasio, Giovanni +2 more
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Macroprudential Regulation and Misallocation
SSRN Electronic Journal, 2016In this paper, we study the macroeconomic effects of banking capital requirements. We provide a theoretical explanation for why decreasing capital requirements may lead to lower average leverage ratio among banks. This counterintuitive result is an outcome of the general equilibrium effects on interest rates, which affects capital allocation across ...
Hill, Enoch +1 more
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Systemic Risk and Macroprudential Regulation
2012During the recent crisis microprudential regulation of the banking system turned out to be unable to maintain financial stability largely because it did not recognize the problem of systemic risk. This chapter discusses in detail the sources of systemic risk, their importance for financial stability and the macroprudential policies that are necessary ...
Franklin Allen, Elena Carletti
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, 2014 Real world crises have a way of shaking up the intellectual foundations of policy disciplines. Elements of received wisdom are undermined, while certain heterodox or less mainstream views are seen as more valid or important than had been widely ...
Tarullo, Daniel
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Aggregate Investment Externalities and Macroprudential Regulation
Journal of Money, Credit and Banking, 2012Evidence suggests that banks tend to lend a lot during booms and very little during recessions. We propose a simple explanation for this phenomenon. We show that instead of dampening productivity shocks, the banking sector tends to exacerbate them, leading to excessive fluctuations of bank credit, output, and asset prices.
Gersbach, Hans, Rochet, Jean-Charles
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Macroprudential Regulation and Systemic Capital Requirements
2010In the aftermath of the financial crisis, there is interest in reforming bank regulation such that capital requirements are more closely linked to a bank's contribution to the overall risk of the financial system. In our paper we compare alternative mechanisms for allocating the overall risk of a banking system to its member banks.
Gauthier, Céline +2 more
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Systemic Risk, Crises, and Macroprudential Regulation
2015A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation.
Freixas, Xavier +2 more
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Macroprudential Regulations in Andean Countries
SSRN Electronic Journal, 2013The importance of having in place a financial regulatory framework that includes macro-prudential regulations was fully recognized during the recent global financial crisis. A central lesson from that episode was that relying on regulations that solely assessed the risks that financial institutions were taking on their individual balance sheets (a ...
Arturo José Galindo +2 more
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Effectiveness of macroprudential policies: Do stringent bank regulation and supervision matter?
International Review of Economics and Finance, 2022Ali Mirzaei, Anis Samet
exaly