The role of macroprudential policy in the stabilisation of macro-financial fluctuations. Conference on Financial Stability/Banco de Portugal, Lisbon (Portugal), 2 October 2023

Pablo Hernández de Cos

No 2403, Occasional Papers from Banco de España

Abstract: Macroprudential policy emerged after the global financial crisis to increase the resilience of the financial system against systemic risk and to prevent the excessive accumulation of such risk. This paper focuses on the effects of this policy on macroeconomic stability, a goal that it can complement monetary and fiscal policies in helping to achieve. Specifically, the potential role for this purpose of capital buffers and, in particular, the countercyclical capital buffer (CCyB), is examined.

Keywords: systemic risk; macroprudential policy; countercyclical capital buffer (CCyB); macro-financial stabilisation (search for similar items in EconPapers)
JEL-codes: E50 G21 G28 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2024-02
New Economics Papers: this item is included in nep-ban and nep-cba
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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:2403e

DOI: 10.53479/36072

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