金融溢出效应、溢出效应以及国际宏观审慎政策协调的范围。

IF 1.5 Q2 ECONOMICS
Pierre-Richard Agénor, Luiz A Pereira da Silva
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引用次数: 0

摘要

本文讨论了在金融一体化的世界经济中国际宏观审慎政策协调的范围。本文首先回顾了与金融溢出效应和溢出效应相关的传导渠道以及与之相关的经验证据。并指出了现有文献的局限性。然后评估与跨境宏观审慎协调相关的潜在收益,着重于最近的分析贡献和基于具有金融摩擦的多国模型的定量研究。宏观审慎政策的协调是否同时需要一定程度的货币政策协调的问题也进行了讨论。该分析侧重于主要发达经济体与被确定为具有系统重要性的中等收入国家(SMICs)之间政策协调的潜力。其次,探讨了促进国际宏观审慎政策协调的实际途径。在讨论了《巴塞尔协议III》的互惠原则及其改进方法之后,本文主张进一步加强国际金融机构目前开展的统计、实证和分析工作,以评估宏观审慎政策的国际协调所带来的收益,并提高人们的认识。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination.

This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It begins with a review of the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks. Limitations of the existing literature are also identified. The potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial frictions, are then evaluated. The issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination is also discussed. The analysis focuses on the potential for policy coordination between major advanced economies and a group identified as systemically-important middle-income countries (SMICs). Next, practical ways to promote international macroprudential policy coordination are considered. Following a discussion of Basel III's Principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by international financial institutions to evaluate, and raise awareness of, the gains from international coordination of macroprudential policies.

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来源期刊
CiteScore
3.50
自引率
0.00%
发文量
24
期刊介绍: The double-blind peer reviewed Journal International Economics and Economic Policy publishes empirical and theoretical contributions, especially papers which are relevant for economic policy. The main focus of the journal is on comparative economic policy, international political economy, including international organizations and policy cooperation, monetary and real/technological dynamics in open economies, globalization and regional integration, trade, migration, international investment, internet commerce and regulation.IEEP particularly offers contributions from the policy community and provides a forum for exchange for the academic and policy community. Officially cited as: Int Econ Econ Policy
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