firms and banks in each region, and between periphery banks and a global bank in the core region. Macroprudential regulation … takes the form of a countercyclical tax on bank loans to domestic capital goods producers, which responds to real credit …, show that the welfare gains from macroprudential policy coordination are positive, albeit not large, for the world economy …

to supervision and resolution of international banks. International financial institutions, like the Bank for … European Central Bank is currently assuming the financial stability mandate for the European banking system …