of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …

, there is a risk of a financial crisis, and an ex ante higher buffer may counteract the effects of it on the economy. The … about a stable bank capital coverage ratio (in addition to output stabilization and the costs of crisis), optimal policy may …