This technical note discusses significance of macroprudential policies for Denmark. Macroprudential policy seeks to contain the buildup of macrofinancial imbalances associated with credit booms and asset price bubbles, a function which is particularly important in Denmark, where the space for...

This paper discusses findings of the Financial System Stability Assessment for Georgia. Georgia has weathered several shocks, but still faces a number of important risks. The economy has withstood well the conflict with Russia, the global financial crisis, and domestic political uncertainty....

The financial stability assessment under the Financial Sector Assessment Program (FSAP) for Korea was carried out in close collaboration with the authorities. The assessment included top-down (TD) and bottom-up (BU) stress testing of Korea's commercial banks and certain non-bank depository...

This paper provides new evidence on the effectiveness of expenditure rules. The analysis is based on a unique dataset covering all countries with national and supranational fiscal rules, including 33 expenditure rules, between 1985 and 2013. It contributes to the existing literature on fiscal...

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....

The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of...

The Financial Sector Assessment Program (FSAP) was conducted amid an economic rebound two years into the COVID-19 pandemic that had a limited impact on the financial sector. Several member states have experienced political instability, with coups in Burkina Faso and Mali leading to economic...

Dieses Lehrbuch bietet einen umfassenden Überblick über volkswirtschaftliche Zusammenhänge und erklärt die wichtigsten makroökonomischen Gröe︢n auf leicht verständliche Art und Weise. Der Leser wird in aufeinander aufbauenden Kapiteln an wichtige makroökonomische Gröe︢n wie...

Dieses Lehrbuch befasst sich eingehend mit den Grundlagen der Wirtschaftspolitik. Die Aufgabe der Wirtschaftspolitik ist es, Handlungsempfehlungen für die Wirtschaft zu geben und diese politisch zu gestalten. Der Autor beschäftigt sich in diesem Werk umfassend mit den wichtigen Fragen der...