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  1. The micro impact of macroprudential policies
    firm-level evidence
    Author: Ayyagari, Meghana; Beck, Thorsten; Martínez Pería, María Soledad
    Published: 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially... more

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    Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium enterprises (MSMEs) and young firms that, according to the literature, are more financially constrained and bank dependent. Among MSMEs and young firms, those with weaker balance sheets exhibit lower credit growth in conjunction with the adoption of macroprudential policies, suggesting that these policies can enhance financial stability. Finally, our results show that macroprudential policies have real effects, as they are associated with lower investment and sales growth

     
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  2. Using structural models to understand macroeconomic tail risks
    report of the WGEM-WGF Expert Group on Macro-at-Risk
    Author: Montes-Galdón, Carlos; Ajevskis, Viktors; Brázdik, František; Lorenzo, Ivan de; García, Pablo; Gatt, William; Kolb, Benedikt; Lima, Diana; Mavromatis, Kostas; Ortega, Eva; Papadopoulou, Niki
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Understanding asymmetric risks in macroeconomic variables is challenging. Most structural models used for policy analysis are linearised and therefore cannot generate asymmetries such as those documented in the empirical growth-at-risk (GaR)... more

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    Understanding asymmetric risks in macroeconomic variables is challenging. Most structural models used for policy analysis are linearised and therefore cannot generate asymmetries such as those documented in the empirical growth-at-risk (GaR) literature. This report examines how structural models can incorporate nonlinearities to generate tail risks. The first part reviews the various extensions to dynamic stochastic general equilibrium (DSGE) models and the computational challenges involved in accounting for risk distributions. This includes the use of occasionally binding constraints and more recent developments, such as deep learning, to solve non-linear versions of DSGEs. The second part shows how the New Keynesian DSGE model, augmented with the vulnerability channel as proposed by Adrian et al. (2020a, b), satisfactorily replicates key empirical facts from the GaR literature for the euro area. Furthermore, introducing a vulnerability channel into an open-economy set-up and a medium-sized DSGE highlights the importance of foreign financial shocks and financial frictions, respectively. Other non-linearities arising from financial frictions are also addressed, such as borrowing constraints that are conditional on an asset's value, and the way macroprudential policies acting against those constraints can help stabilise the economy and generate positive spillovers to monetary policy. Finally, the report examines how other types of tail risk beyond financial frictions - such as the recent asymmetric supply-side shocks - can be incorporated into macroeconomic models used for policy analysis.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289968751
    Other identifier:
    hdl: 10419/306599
    Series: Occasional paper series / European Central Bank ; no 357
    Subjects: Tail risks; structural models; non-linearities; vulnerability channel; DSGE; macroprudential policies; asymmetric shocks; macroeconomics; financial risk; budgetary equilibrium; monetary policy
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  3. Dampening global financial shocks
    can macroprudential regulation help (more than capital controls)?
    Author: Bergant, Katharina; Grigoli, Francesco; Hansen, Niels-Jakob Harbo; Sandri, Damiano
    Published: 26 June 2020
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14948
    Subjects: macroprudential policies; monetary policy; capital controls
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  4. A tale of three crises
    synergies between ECB tasks
    Author: Hobelsberger, Karin; Kok Sørensen, Christoffer; Mongelli, Francesco Paolo
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events... more

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    This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events heralded significant reforms of the EU's governance and financial architecture. On the tail of these two crises, the ongoing COVID-19 crisis that started in early 2020 enables us to assess the working of the resulting financial framework. Two aspects stand out. The first is that the coronavirus crisis was, in its origin, exogenous from previous banking sector behaviours -which was not the case during the 2008-2012 period. The second aspect stems from the combined policy responses to the pandemic, which lacked in the 2008-2012 period. Against this background, the aim of this paper is twofold. The first is to highlight the sequence of regulatory and institutional changes, with a focus on the ECB and Eurosystem, vis-à-vis the unfolding events and against the background of broader financial reforms. The second aim of this paper is to investigate whether the sequence of financial reforms has improved the sector's ability to deal with major macro-financial shocks at the EU/euro area level, reducing the sovereign-bank doom loop. We focus primarily on developments affecting the banking sector, while noting that during the same period major developments within the EU non-bank financial sector were observed. The COVID19 crisis has been characterized by the positive interaction of rapid fiscal and monetary responses (macro polices), and joint financial and supervisory responses. In this new policy environment the message of the paper is that the sequence of financial reforms, including the acquisition of supervisory and financial stability tasks by the ECB, have been instrumental in facilitating the effective response to the COVID-19 crisis thus far, especially compared to the previous two crises. The increased resilience and resolvability of the EU banking sector has enabled it to withstand the large and unexpected pandemic shock, while continuing to finance the real economy.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289952460
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    hdl: 10419/268049
    Series: Occasional paper series / European Central Bank ; no 305 (September 2022)
    Subjects: European Central Bank (ECB); monetary policy; banking union; bankingsupervision; financial stability; systemic risks; macroprudential policies; decisionmaking process
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  5. Carbon taxes and stranded assets
    evidence from Washington state
    Author: Carattini, Stefano; Sen, Suphi
    Published: August 2019
    Publisher:  Grantham Research Institute on Climate Change and the Environment, [London, UK]

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    Series: Centre for Climate Change Economics and Policy working paper ; no. 355
    Grantham Research Institute on Climate Change and the Environment working paper ; no. 323
    Subjects: Carbon pricing; financial returns; systemic risk; macroprudential policies; voting
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  6. Prudential monetary policy
    Author: Caballero, Ricardo J.; Simsek, Alp
    Published: 28 June 2019
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Array ; DP13832
    Subjects: Speculation; leverage; aggregate demand; business cycle; effective lower bound; monetary policy; regulation; macroprudential policies; leaning against the wind; shadow banks
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  7. Capital controls and rsk misallocation
    evidence from a natural experiment
    Author: Keller, Lorena
    Published: [2019]
    Publisher:  Rodney L. White Center for Financial Research], [Philadelphia, PA

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    Source: Union catalogues
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    Media type: Book
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    Series: [Working papers / Rodney L. White Center for Financial Research ; 10, 19]
    Subjects: capital controls; macroprudential policies; emerging markets; carry trade; corporate debt; currency risk; bank regulation; bank lending
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  8. One shock, many policy responses
    Author: Mano, Rui C.; Sgherri, Silvia
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections... more

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    Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of future policy responses to portfolio flow shocks for 20 emerging markets and understand the variety of policy choices across the sample. To assuage endogeneity concerns, estimates rely on the fact that global capital flows are exogenous from the viewpoint of any one of these countries. The paper finds that: (i) policy responses to capital flow shocks are heterogeneous across countries, fat-tailed-'extreme' responses tend to be more elastic than 'typical' responses-and asymmetric-'extreme' responses tend to be more elastic with respect to outflows than to inflows; (ii) country characteristics are linked to policy choices-with cross-country differences in forex intervention relating to the size of balance sheet vulnerabilities and the depth of the forex market; (iii) the use of targeted macroprudential policy and capital flows management measures can help 'free the hands' of monetary policy by allowing it to focus more squarely on domestic cyclical developments

     
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  9. Guyana
    housing market and implications for macroprudential policies
    Author: Chow, Julian T. S.
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    Guyana's residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting... more

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    Guyana's residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks' lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention

     
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  10. The ECB after the crisis
    existing synergies among monetary policy, macroprudential policies and banking supervision
    Author: Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, Francesco Paolo
    Published: [November 2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust... more

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    The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today responsible for setting a single monetary policy applicable throughout the euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some indirectly. Its role in the area of financial stability has also expanded through the conferral of macroprudential tasks and tools that include tightening national measures when necessary. It thus carries out these complementary functions, while its primary objective of pursuing price stability remains unchanged. What are the working arrangements of this enlarged ECB, and what are the similarities and existing synergies among these functions? In the following pages, focusing on the organisational implications of the “new” ECB, we show the relative degrees of centralisation and decentralisation that exist in discharging these functions, the cycles of policy preparation and the rules governing interaction between them.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289938785
    Other identifier:
    hdl: 10419/234478
    Series: Occasional paper series / European Central Bank ; no 237 (November 2019)
    Subjects: European Central Bank; monetary policy; banking union; banking supervision; financial stability; systemic risks; macroprudential policies; decision-making process
    Scope: 1 Online-Ressource (69 Seiten), Illustrationen
  11. Assessing the impact of credit dedollarization measures in Peru
    Author: Contreras, Alex; Gondo, Rocío; Oré, Erick; Pérez Forero, Fernando
    Published: [2019]
    Publisher:  [Banco Central de Reserva del Perú], [Lima, Peru]

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    Source: Union catalogues
    Language: Spanish
    Media type: Book
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    Series: Working paper series / Banco Central de Reserva del Perú ; DT. no. 2019, 005 (abril 2019)
    Subjects: credit dollarization; macroprudential policies; credit register data
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  12. Growth-and-risk trade-off
    Author: Gadea, María Dolores; Laeven, Luc; Pérez-Quirós, Gabriel
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth tends to be... more

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    We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of expansions. This poses a trade-off for the policymaker: Limiting the buildup of financial risk to avoid a deep recession can negatively affect the cumulation of economic growth during the expansion. We show that intermediate levels of credit growth maximize long-term growth while limiting volatility. Macroprudential policies should be used to manage this growth and risk trade-off, striking a balance between allowing expansions to last longer and avoiding deep recessions.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289940405
    Other identifier:
    hdl: 10419/229011
    Series: Working paper series / European Central Bank ; no 2397 (April 2020)
    Subjects: cycles; macroprudential policies; credit growth; nancial crisis; GDP-at-risk
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  13. Cross-border spillover effects of macroprudential policies
    a conceptual framework
    Author: Kok Sørensen, Christoffer; Reinhardt, Dennis
    Published: [June 2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed... more

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    Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on cross-border effects of macroprudential policies. It also summarises a stocktaking exercise, conducted by a task force of the ESCB's Financial Stability Committee (FSC), on existing national approaches within the EU for assessing and monitoring such cross-border spillover effects. The paper accompanies an FSC report presenting a framework to be used by macroprudential authorities when assessing cross-border spillover effects induced by enacted or planned policy measures.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289942485
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    hdl: 10419/234483
    Series: Occasional paper series / European Central Bank ; no 242 (June 2020)
    Subjects: European Central Bank; banking union; financial stability; systemic risks; macroprudential policies; cross-border spillovers
    Scope: 1 Online-Ressource (78 Seiten), Diagramme
  14. Credit cycles, fiscal policy, and global imbalances
    Author: Jones, Callum; Rabanal, Pau
    Published: February 2021
    Publisher:  International Monetary Fund, [Washington, DC]

    We study the role that changes in credit and fiscal positions play in explaining current account fluctuations. Empirically, the current account declines when credit increases, and when the fiscal balance declines. We use a two-country model with... more

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    We study the role that changes in credit and fiscal positions play in explaining current account fluctuations. Empirically, the current account declines when credit increases, and when the fiscal balance declines. We use a two-country model with financial frictions and fiscal policy to study these facts. We estimate the model using annual data for the U.S. and 'a rest of the world' aggregate that includes main advanced economies. We find that about 30 percent of U.S. current account balance fluctuations are due to domestic credit shocks, while fiscal shocks explain about 14 percent. We evaluate simple macroprudential policy rules and show that they help reduce global imbalances. By taming the financial cycle, macroprudential rules that react to domestic credit conditions or to domestic house prices would have led to a smaller and less volatile U.S. current account deficit. We also show that a countercylical fiscal policy rule that stabilizes output growth reduces the level and volatility of the U.S. current account deficit

     
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  15. Real estate in the Netherlands
    a taxonomy of risks and policy challenges
    Author: Geis, André; Luca, Oana
    Published: August 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the... more

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    Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and residential real estate markets with an eye to identify pertinent risks and challenges. While we find that the Dutch authorities have made considerable strides to strengthen real estate-related policies in recent years, some, and partly long-standing, issues remain, requiring additional efforts to bolster financial stability, address housing supply shortages and manage secular changes affecting property markets

     
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  16. Addressing spillovers from prolonged U.S. monetary policy easing
    Author: Cecchetti, Stephen G.; Narita, Machiko; Rawat, Umang; Sahay, Ratna
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    There is growing recognition that prolonged monetary policy easing of major economies can have extraterritorial spillovers, driving up financial system leverage in other countries. When faced with such a rise of threats to financial stability, what... more

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    There is growing recognition that prolonged monetary policy easing of major economies can have extraterritorial spillovers, driving up financial system leverage in other countries. When faced with such a rise of threats to financial stability, what can countries do? Specifically, is there a role for macroprudential tools, capital controls or foreign exchange intervention in safeguarding financial stability from risks arising externally? We examine the efficacy of these policy interventions by exploring whether preemptive or reactive policy interventions can mitigate such risks. Using a sample of 950 bank and nonbank financial firms across 28 non-U.S. economies over the past two decades, we show that if policymakers are able to implement policies prior to an additional consecutive decline in U.S. interest rates, financial institutions do not increase their leverage by as much as they otherwise would. By contrast, it is more difficult to counter the spillovers with reactive policy interventions. In practice, however, policymakers need to remain cautious about the timing of preventative tightening, especially when their economies face large negative shocks such as a pandemic

     
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  17. House prices and macroprudential policies
    evidence from city-level data in India
    Author: Singh, Bhupal
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong... more

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    This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing prices. There is compelling evidence of the effectiveness of macroprudential tools viz., Loan-to-value (LTV) ratio, risk weights, and provisioning requirements, in influencing housing price movements. A granular analysis suggests an even stronger impact on housing prices of a change in the regulatory LTV ratio for large-sized vis-a-vis small-sized mortgages, which buttresses their potency in fighting house price speculations. A tightening of the risk weights on the housing assets of banks causes significant downward pressure on house prices. Similarly, regulatory changes in standard asset provisioning on housing loans also influence house prices

     
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  18. Debt taxes during crises, a blessing in disguise?
    Author: Parra-Polania, Julian A.; Vargas, Carmiña O.
    Published: [2024]
    Publisher:  Banco de la Republica Colombia, Bogotá, Colombia

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    Source: Union catalogues
    Language: English
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    hdl: 20.500.12134/10783
    Series: Borradores de economía ; no. 1270 (2024)
    Subjects: macroprudential policies; ex post policies; debt tax; Önancial constraint;Önancial crisis; sudden stops
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  19. Future of the Economic and Monetary Union
    Author: Gortsos, Christos V.
    Published: 2022
    Publisher:  SSRN, [S.l.]

    The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments... more

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    The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three Sections:Section I (“Introductory Remarks”) sets out the foundations of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how the (2007-2009) Global Financial Crisis (GFC), the subsequent fiscal crisis in the euro area and the most recent pandemic crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the strengthening of the Economic Union regarding sovereign crisis management and have led to the creation of the European System of Financial Supervision (ESFS) and the then of the Banking Union (BU), in some pillars of which the role of the ECB is significant.Finally, Section III (“Current Developments and Challenges”) discusses recent and current developments in relation to the Monetary Union (including the new (2021) monetary policy strategy of the Eurosystem and its implementation amidst the ‘inflation crisis’ in 2022), the Economic Union and the Banking Union (with a focus on the ‘unfinished’ agenda)

     
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    Source: Union catalogues
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    Series: European Banking Institute Working Paper Series ; 2022 - no. 129
    Subjects: EMU; ECB; Eurosystem; European System of Financial Supervision (ESFS); Banking Union (BU); Global Financial Crisis (GFC); euro area fiscal crisis; inflation crisis; monetary policy; quantitative easing; new monetary policy strategy; financial stability; macroprudential policies
    Scope: 1 Online-Ressource (22 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 8, 2022 erstellt
  20. Growth-and-risk trade-off
    Author: Gadea, María Dolores; Laeven, Luc; Pérez-Quirós, Gabriel
    Published: 14 March 2020
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
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    Series: Array ; DP14492
    Subjects: business cycles; macroprudential policies; credit growth
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  21. Carbon taxes and stranded assets
    evidence from Washington State
    Author: Carattini, Stefano; Sen, Suphi
    Published: August 2019
    Publisher:  International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University, Atlanta, Georgia, United States of America

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / International Center for Public Policy ; 19, 10 (August 2019)
    Subjects: Carbon pricing; financial returns; systemic risk; macroprudential policies; voting
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  22. Capital flows at risk
    taming the ebbs and flows
    Author: Gelos, Gaston; Gornicka, Lucyna; Koepke, Robin; Sahay, Ratna; Sgherri, Silvia
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp... more

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    The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global shocks? What are the near- versus medium-term trade-offs of different policies? We tackle these questions using a quantile regression framework to predict the entire future probability distribution of capital flows to emerging markets, based on current domestic structural characteristics, policies, and global financial conditions. This new approach allows policymakers to quantify capital flows risks and evaluate policy tools to mitigate them, thus building the foundation of a risk management framework for capital flows

     
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  23. Heterogeneous macroprudential policies and corporate financing decisions
    Author: Bakkar, Yassine; Machokoto, Michael
    Published: 6 November 2023
    Publisher:  Queen's University, Belfast, Queen's Business School, [Belfast]

    Utilizing data from 31,336 firms across 69 countries over the period 2011-2017, we find evidence suggesting macroprudential policies have a significant negative impact on corporate debt, particularly long-term debt. We further find that... more

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    Utilizing data from 31,336 firms across 69 countries over the period 2011-2017, we find evidence suggesting macroprudential policies have a significant negative impact on corporate debt, particularly long-term debt. We further find that macroprudential policies have heterogeneous effects, with a greater impact observed among firms facing binding credit constraints and high market competition, as well as those operating in countries with less developed institutions. These findings underscore the importance of institutional factors in determining the effectiveness of macroprudential policies.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279524
    Series: QMS working paper ; 2023, 07
    Subjects: Capital structure; debt maturity; macroprudential policies
    Scope: 1 Online-Ressource (circa 20 Seiten)
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    Datei gelöscht auf Wunsch der herausgebenden Institution
  24. Household Credit, Global Financial Cycle, and Macroprudential Policies
    Credit Register Evidence from an Emerging Country
    Author: Epure, Mircea; Mihai, Irina; Minoiu, Camelia; Peydró, José-Luis
    Published: 2018
    Publisher:  Universitat Pompeu Fabra (upf), Department of Economics and Business, Barcelona

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  25. House prices and macroprudential policies
    evidence from city-level data in India
    Author: Singh, Bhupal
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong... more

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    This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing prices. There is compelling evidence of the effectiveness of macroprudential tools viz., Loan-to-value (LTV) ratio, risk weights, and provisioning requirements, in influencing housing price movements. A granular analysis suggests an even stronger impact on housing prices of a change in the regulatory LTV ratio for large-sized vis-a-vis small-sized mortgages, which buttresses their potency in fighting house price speculations. A tightening of the risk weights on the housing assets of banks causes significant downward pressure on house prices. Similarly, regulatory changes in standard asset provisioning on housing loans also influence house prices

     
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