Comment ‒ Monetary policies and financial crisis: towards a new central banking

Politiques monétaires et crise financière: vers un nouveau central banking

André Cartapanis
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André Cartapanis: IEP Aix-en-Provence - Sciences Po Aix - Institut d'études politiques d'Aix-en-Provence

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Abstract: Three articles of this special issue evaluate the effects of unconventional monetary policies and the relationships between new capital requirements and bank profitability. These arti- cles present several similarities: two of them draw on individual bank data and not on aggregated data; they highlight the combined consequences of several shocks, by introducing an interaction term between several variables; they conclude to a strong heterogeneity or a heightened mag- nitude of the effects brought on credit or bank profitability. That comment will underline that if policies of liquidity injections at a time of stress are especially efficient as they draw on widened collaterals, then it is important to keep certain unconventional instruments in the central banks' toolbox, including outside times of crisis. And if the transmission channels from these policies to lending rates demand close coordination with the fixing of short term interest rates and turn out to have heterogeneous effects due to each banking intermediary's specific situation, then rates policy must be closely correlated to both microprudential and macroprudential policies.

Keywords: credit; prudential regulation; bank capital; financial crisis; central bank; monetary policy; règlementation prudentielle; fonds propres bancaires; crise financière; crédit; banque centrale; politique monétaire (search for similar items in EconPapers)
Date: 2017-10-11
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Published in Economie et Statistique / Economics and Statistics, 2017, 494-495-496, pp.149-154. ⟨10.24187/ecostat.2017.494t.1923⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05501127

DOI: 10.24187/ecostat.2017.494t.1923

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