适应性金融市场的政策——系统性风险预警工具的使用

Mikhail V. Oet, Stephen J. Ong, Dieter Gramlich
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引用次数: 3

摘要

系统性风险预警系统(EWS)如何促进政策制定者的金融稳定工作?在不断变化的金融市场动态和微观审慎政策的局限性的背景下,本研究探讨了金融宏观审慎政策的新方向。灵活的宏观审慎方法以系统性风险EWSs的战略能力为基础。从策略上讲,宏观审慎应用建立在系统性金融压力的水平、结构和制度驱动因素的信息基础上,旨在从两个维度管理金融体系风险和失衡:跨时间和跨制度。分析与时间相关的EWS策略应用,以寻求预防和缓解。跨机构的EWS应用是通过共同的暴露和互连来考虑的。鉴于宏观审慎应用依赖于潜在的系统性风险建模框架的质量,必须谨慎校准宏观审慎应用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Policy in Adaptive Financial Markets — The Use of Systemic Risk Early Warning Tools
How can a systemic risk early warning system (EWS) facilitate the financial stability work of policymakers? In the context of evolving financial market dynamics and limitations of microprudential policy, this study examines new directions for financial macroprudential policy. A flexible macroprudential approach is anchored in strategic capacities of systemic risk EWSs. Tactically, macroprudential applications are founded on information about the level, structure, and institutional drivers of systemic financial stress and aim to manage the financial system risk and imbalances in two dimensions: across time and institutions. Time-related EWS policy applications are analyzed in pursuit of prevention and mitigation. EWS applications across institutions are considered via common exposures and interconnectedness. Care must be taken in the calibration of macroprudential applications, given their reliance on quality of the underlying systemic risk-modeling framework.
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