The changing role of macroprudential policy in Austria after World War II
Katharina Steiner () and
Eva Ubl ()
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Katharina Steiner: Oesterreichische Nationalbank, Foreign Research Division
Eva Ubl: Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division
Monetary Policy & the Economy, 2016, issue 3, 163-189
The need for and implementation of macroprudential supervision was a key lesson from the global financial crisis of 2008. However, historical protocols, legislation, policy agreements as well as the literature bear witness of a longer history of macroprudential policy in Austria: it predates the crisis by about 60 years during which it gradually evolved. We argue that careful analysis of this history provides interesting insights for current policymakers. We identify the following key lessons from analyzing the changing legal nature, motivation and effectiveness of macroprudential policy in Austria: first, macroprudential policy requires a sound legal basis; second, measures have to be quite intrusive to effectively curtail the build-up of systemic risk. Less intrusive measures become effective above all by increasing the shock-absorbing capacity of the financial system, once systemic risks materialize.
Keywords: history of Austrian macroprudential policy; credit control agreements; minimum liquidity requirements; Limes; Kreditplafond; capital buffers (search for similar items in EconPapers)
JEL-codes: E50 E60 G20 N24 (search for similar items in EconPapers)
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