Makroprudenzielle Politik hat das Ziel, die Stabilität des Finanzsystems zu überwachen und zu sichern. Systemrisiken entstehen, wenn Schieflagen in Teilen des Finanzsystems die Funktionsweise der Finanzmärkte und damit die realwirtschaftliche Entwicklung beeinträchtigen. Ziel dieser Politik...

This paper investigates the effects of macroprudential policies on bank risk through a large panel of banks operating in 61 advanced and emerging market economies. There are three main findings. First, there is evidence suggesting that macroprudential tools have a significant impact on bank...

In response to the lessons of the global financial crisis, macroprudential policy is now firmly established as a financial policy area to prevent excessive risk taking in the financial sector and mitigate its effects on the real economy. However, macroprudential policy is facing several...

We use event study methods to compare the market reaction to U.S. and EU-wide stress tests performed from 2009 to 2013. Typically, stress tests have a positive impact on stressed banks' returns. While the 2009 U.S. stress test had a large positive outcome, the impact of subsequent U.S. exercises...

The aim of the paper is to analyze the state of art of macroeconomic policies (MAP) with a focus on the case of the European Union. To this end the institutional framework of Map is introduced and discussed with regard to relations and/or conflicts with other policies; to agencies involved,...

In this paper we present a methodology of model-based calibration of additional capital needed in an interconnected financial system to minimize potential contagion losses. Building on ideas from combinatorial optimization tailored to controlling contagion in case of complete information about...

In this paper, we discuss the progress of reforming in financial regulations around the world after the financial crisis, and the frameworks of rebuilding for macro-prudential policy, especially in USA, UK and Europe Union. Two institutional models of macro-prudential policy, the Atlantic Model...

The article deals with borrower-based instruments within macroprudential policy as measures aimed at reducing systemic risk regarding household debt. Our contribution is three-fold; Firstly, we show that more than 50% of countries in the European Economic Area have incorporated the borrower-based...

There is a growing consensus among both economists-academics and policymakers that there was at least one missing element of the financial safety net during the Global Financial Crisis. This element, which will probably improve financial stability (or protect against financial instability), is...

This paper studies the effectiveness of micro- and macroprudential policy tools in the euro area. The established empirical literature on macroprudential policy generally considers panel estimations that suffer from two estimation biases, i.e., a selection bias and a time bias. We control for...