A taxonomy of macro-financial risks and policies to address them

Mariya Melnychuk and Javier Mencía
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Mariya Melnychuk: Banco de España
Javier Mencía: Banco de España

No 2431, Occasional Papers from Banco de España

Abstract: We propose a taxonomy of systemic risks relevant for economic growth, with a particular focus on those impairing the normal functioning of the financial system. We also discuss the variety of existing policies – micro- and macroprudential, fiscal and monetary – to address them. Additionally, we analyse their potential combinations and how they can be enhanced under the established governance frameworks. Finally, we review the experience of recent systemic events at the global level and provide descriptive evidence that illustrates how the different policies were used and combined in dealing with these systemic crises.

Keywords: policy effectiveness; systemic crises; policy space (search for similar items in EconPapers)
JEL-codes: G01 G20 G28 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2014-10
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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:2431

DOI: 10.53479/37833

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