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Externalities and Macroprudential Policy
Author:
Mr. Gianni De Nicolo
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,
Mr. Giovanni Favara
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Mr. Lev Ratnovski
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2012: Issue 005
Language:
English
Publication Date:
07 Jun 2012
DOI:
https://doi.org/10.5089/9781475504095.006
ISBN:
9781475504095
ISSN:
2617-6750
Pages:
24
Keywords:
SDN; externality; bank; market failure; prudential regulation; regulation; Externalities; systemic risk; macroprudential policy; capital requirement; proxy externality; bank assets; bank risk strategy; Asset liquidity; Financial contagion
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the financial system that these policies are meant to address, and discusses their interrelations and some key implementation issues.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund