Macro Prudential Policies from a Micro Prudential Angle

• Tác giả: Tito Cordella
• Ngôn ngữ: eng
• Ký hiệu phân loại: 339.5 Macroeconomic policy
• Thông tin xuất bản: World Bank, Washington, DC, 2014
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 321981
• Chủ đề: 1. AGENCY PROBLEMS; 2. BANK BAILOUTS; 3. BANK DIRECTOR; 4. BANK LIQUIDITY; 5. BANK RISK

Tóm tắt

The standard macro(prudential) models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. This paper explicitly models individual banks' risk choices and shows that different prudential instruments affect banks' risk-taking incentives differently. Thus, conflicts may arise between the micro and macro prudential stance.