Articles
Macroprudential regulation
Universiteit van Amsterdam · Economics and Business Economics
Y2 - Money and BankingInhoud
De koppen uit dit document, op volgorde. Niet de inhoud zelf.
- Research question
- Main argument
- Implications
- Main findings
- Core concepts and frameworks
- 1. Fallacy of composition
- 2. Microprudential and macroprudential regulation
- 3. Systemic risk
- 4. Leaning against the cycle
- Intermediate objectives
- Excessive credit growth and leverage
- Maturity mismatch and market illiquidity
- Exposure concentrations
- Misaligned incentives and moral hazard
- Macroprudential policy cycle
- 1. Risk identification and assessment
- 2. Instrument selection and calibration
- 3. Policy implementation
- 4. Policy evaluation
- Main instruments
- Instruments addressing credit growth and leverage
- Instruments addressing liquidity and maturity mismatch
- Instruments addressing exposure concentrations
- Instruments addressing moral hazard
- Key critiques and limitations
- Risk identification is uncertain
- Instruments can shift rather than reduce risk
- Some instruments are blunt or distortionary
- Prevention creates an inaction bias
- Distributional and political consequences
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