Assessment of macroprudential strategy documents: Are they ready for the challenges ahead?

IF 1.3 Q3 BUSINESS, FINANCE
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引用次数: 0

Abstract

Macroprudential policy is still a relatively new policy area (“more art than science”). Unlike monetary policy, it still does not have any tested and robust strategies to follow. Using a novel strategy index, we explore and critically review macroprudential strategy documents published in 30 countries in 2014–2023. The overall results point to fairly high quality of strategies, with low level of heterogeneity in the total score. Most strategy documents were published by central banks responsible for macroprudential policy. The score for strategies in European Union (EU) countries is higher and more homogenous than in non-EU countries. Elements least frequently included in the strategies include challenges for macroprudential policy (like cyber or climate risks) and its interactions with other policy areas. Macroprudential strategies were mostly issued after the credit boom. The results provide relevant policy implications on future revisions of this kind of document.

评估宏观审慎战略文件:它们准备好应对未来的挑战了吗?
摘要 宏观审慎政策仍然是一个相对较新的政策领域("艺术多于科学")。与货币政策不同,它仍然没有任何经过检验的稳健战略可循。我们利用新颖的战略指数,探讨并严格审查了 30 个国家在 2014-2023 年间发布的宏观审慎战略文件。总体结果表明,策略的质量相当高,总分的异质性较低。大多数战略文件由负责宏观审慎政策的中央银行发布。欧盟(EU)国家的战略得分高于非欧盟国家,且同质性更高。宏观审慎政策面临的挑战(如网络风险或气候风险)及其与其他政策领域的互动是这些战略中最不常见的内容。宏观审慎战略大多是在信贷繁荣之后发布的。研究结果为今后修订此类文件提供了相关的政策影响。
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来源期刊
CiteScore
3.70
自引率
6.20%
发文量
21
期刊介绍: Under the guidance of its highly respected Editors and an eminent and truly international Editorial Board?Journal of Banking Regulation?has established itself as one of the leading sources of authoritative and detailed information on all aspects of law and regulation affecting banking institutions.Journal of Banking Regulation?publishes in each quarterly issue detailed briefings analyses and updates which are of direct relevance to practitioners working in the field while meeting the highest intellectual standards.Journal of Banking Regulation?publishes the latest thinking and best practice on:Basel I II and IIIModels for banking supervisionInternational accounting standardsDeposit protectionEnforcement decisions in banking regulation and supervisionCross-border competition in banking servicesCorporate governance in banksHarmonisation in banking marketsSupervising credit riskAnti-money laundering legislation and regulationsMonetary integrationRisk capital and capital adequacySystemic risk in banking operationsCross-border regulationCross-border bank insolvencyModels for banking riskEssential reading for:central bankersbanking supervisorsfinancial regulatorsbankerscompliance officersheads of risk managementpolicy makersbank associationslawyers specialising in banking lawaccountantsinternal and external bank auditorsacademics and researchers
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