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HomeThe global dimensions of macroprudential policy
Метаданни за публикацията
This report elucidates the risk channels for EU economies associated with international financial integration and provides an overview of the macroprudential policy options that are available to address these risks.1 It builds on the main insights from the rich academic literature developed recently to create a narrative of the role of global variables for the conduct of macroprudential policy at a national level. The report reviews the evidence on the cross-border spillovers of domestic macroprudential policies (MPPs). It also highlights key policy areas for making macroprudential policy as effective as possible. Annex 1 presents findings from several new research papers across the European System of Central Banks. Global financial integration has increased substantially over the past three decades. This has made global variables more important for domestic economic and financial conditions. For example, global financial intermediaries may contribute to the build-up of systemic risk within domestic financial systems. Large and volatile capital flows may be associated with excessive foreign borrowing, credit booms and sometimes busts. EU economies are not an exception, with domestic financial conditions having strong interconnections with the rest of the world. Recent research has established that there is a global financial cycle in capital flows, asset prices and credit that influences domestic financial cycles. Domestic economies are increasingly vulnerable to external shocks: changes in global risk aversion or financing conditions in the core economies (the United States but also China, Japan, the United Kingdom and the euro area) or their monetary policies. Domestic policymakers may be limited in their ability to influence domestic financial conditions independently from global forces. EU economies have a dual role in the global financial landscape. They are part of one of the core global economies, and they are also individually affected by global developments. Moreover, the common monetary policy across the euro area is a distinctive feature for EU economies, with the potential to generate significant capital flows that may affect asset prices as well as funding and borrowing costs, both in the EU and globally. Although there is substantial financial integration within the euro area, its increasing depth was reversed somewhat by the financial crisis, notably including a decline in cross-border bank flows.
- Публикувано:
- Теми: Икономика – Финанси
- Тема: валутна политика , икономическа интеграция , икономическа политика , икономически цикъл , парична криза , финансов риск , финансова-пазарна ликвидност , централна банка
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| ISSN 2467-0685 | ISBN 978-92-9472-130-3 | DOI 10.2849/234139 | Каталожен номер DT-01-20-109-EN-N |
- Released on EU publications website:
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