Macroprudential Policy Versus Other Economic Policies

IF 0.4 Q4 ECONOMICS

Croatian Economic Survey Pub Date : 2021-12-15 DOI:10.15179/ces.23.2.2

Eva Lorenčič, Mejra Festić

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引用次数: 0

Abstract

After the global financial crisis of 2007, macroprudential policy instruments have gained in recognition as a crucial tool for enhancing financial stability. Monetary policy, fiscal policy, and microprudential policy operate with a different toolkit and focus on achieving goals other than the stability of the financial system as a whole. In ligh of this, a fourth policy – namely macroprudential policy – is required to mitigate and prevent shocks that could destabilize the financial system as a whole and compromise financial stability. The aim of this paper is to contrast macroprudential policy with other economic policies and explain why other economic policies are unable to attain financial stability, which in turn justifies the need for a separate macroprudential policy, the ultimate goal whereof is precisely financial stability of the financial system as a whole. Our research results based on the descriptive research method indicate that, in order to prevent future financial crises, it is indispensable to combine both the microprudential and the macroprudential approach to financial stability. This is because the causes of the crises are often such that they cannot be prevented or mitigated by relying only on microprudential or only on macroprudential policy instruments.

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宏观审慎政策与其他经济政策之比较

2007年全球金融危机后，宏观审慎政策工具作为加强金融稳定的关键工具得到了认可。货币政策、财政政策和微观审慎政策以不同的工具运作，重点是实现金融体系整体稳定以外的目标。有鉴于此，需要第四项政策——即宏观审慎政策——来减轻和防止可能破坏整个金融体系稳定和损害金融稳定的冲击。本文的目的是将宏观审慎政策与其他经济政策进行对比，并解释为什么其他经济政策无法实现金融稳定，这反过来证明需要单独的宏观审慎政策，其最终目标正是金融体系作为一个整体的金融稳定。我们基于描述性研究方法的研究结果表明，为了防止未来的金融危机，必须将微观审慎和宏观审慎的方法结合起来进行金融稳定。这是因为危机的起因往往是这样的，不能仅仅依靠微观审慎或宏观审慎的政策工具来预防或减轻危机。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Croatian Economic Survey ECONOMICS-

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

12 weeks

期刊介绍： The journal Croatian Economic Survey is a Diamond Open Access journal defined by the following characteristics: -Peer review: the article goes through the journal''s process of a double-blind peer review. -Public access: both the author and the public have immediate access to the final, published version of the article. -Funding model: both the author and the public pay no fee to the journal. The journal is financially supported by the Ministry of Science and Education of the Republic of Croatia. Croatian Economic Survey is an English-language, peer-reviewed scholarly journal published by the Institute of Economics, Zagreb in Croatia and financed by the Croatian Ministry of Science and Education. The journal aims to serve as a forum for academics and practitioners by publishing high-quality research papers on topics in all areas of economics. Special focus is given to post-socialist Europe. Comparative studies are especially encouraged, since these countries share a similar socio-economic background and comparative studies offer a valuable source of insight for policy formulation as well as a basis for competitive benchmarking. The journal welcomes empirical and policy-oriented papers relevant to a broader international audience. Contributions need not be limited solely to economics; submissions from other related disciplines are encouraged.