This paper tries to explain different nature of the dynamics during the upward and downward part of the last house price cycle in Spain. Covered bonds are introduced as an instrument which may accelerate a house price boom, while it may also serve as a source of correction to overvalued house...

Basel III credit-to-GDP gap indicators are used to assess whether aggregate credit is excessive or not and inform macroprudential policymaking. Yet, estimates from Basel III’s prescribed detrending procedure are prone to continuous re-evaluations that do not reflect changes in the data and...

Shadow banking is a broad concept. A possible definition is that it comprises non-bank institutions which undertake bank-like activities. Another characteristic is that the sector is overall less regulated. Therefore there are still shortcomings in systematic collection of information of the sector.

This paper identifies the effect of variation in government-backed loan supply on unemployment exploiting regional variation in the Swiss COVID-19 lending program. The rules of the program introduce variation in loan supply across Cantons. This variation helps disentangling supply from demand...

This paper identifies the effect of variation in government-backed loan supply on unemployment exploiting regional variation in the Swiss COVID-19 lending program. The rules of the program introduce variation in loan supply across Cantons. This variation helps disentangling supply from demand...

This paper presents an overview of key proposals formulated by the European Systemic Risk Board (ESRB), the European Banking Authority (EBA) and the European Central Bank (ECB) in the context of the review of the macroprudential policy framework of the European Union (EU), aimed at improving its...

This Chapter discusses the regulatory, legislative and institutional framework for two capital-based macroprudential instruments, i.e. the Capital Conservation Buffer (hereinafter: CCoB) and the Countercyclical Capital Buffer (hereinafter: CCyB). At the outset, a brief historical background...

This paper takes stock of borrower-based measures (BBMs) put in place in EU Member States up until March 2023, looking into the main categories of BBMs and their combinations. It also analyses the legislative framework for enacting BBMs in Greece, as recently enacted by means of an amendment to...

Soaring inflationary pressure and the ripple effects of the base rate spikes by the US Federal Reserve are expected to lead the Bank of Korea (BOK) to raise its base rate at least three times during the remainder of 2022.Korean firms rely primarily on indirect financing for their financial needs...