Macroprudential policy versus other economic policies

Eva Lorenčič (Avtor), Mejra Festić (Avtor)

Povzetek

After the global financial crisis of 2007, macroprudential policy instruments have gained in recognition as a crucial tool for enhancing financial stability. Monetary policy, fiscal policy, and microprudential policy operate with a different toolkit and focus on achieving goals other than the stability of the financial system as a whole. In ligh of this, a fourth policy – namely macroprudential policy – is required to mitigate and prevent shocks that could destabilize the financial system as a whole and compromise financial stability. The aim of this paper is to contrast macroprudential policy with other economic policies and explain why other economic policies are unable to attain financial stability, which in turn justifies the need for a separate macroprudential policy, the ultimate goal whereof is precisely financial stability of the financial system as a whole. Our research results based on the descriptive research method indicate that, in order to prevent future financial crises, it is indispensable to combine both the microprudential and the macroprudential approach to financial stability. This is because the causes of the crises are often such that they cannot be prevented or mitigated by relying only on microprudential or only on macroprudential policy instruments.

Ključne besede

macroprudential policy;monetary policy;microprudential policy;financial stability;

Podatki

Jezik:	Angleški jezik
Leto izida:	2021
Tipologija:	1.02 - Pregledni znanstveni članek
Organizacija:	UM EPF - Ekonomsko-poslovna fakulteta
Založnik:	Institute of Economics
UDK:	330.1
COBISS:	90827523
ISSN:	1330-4860
Št. ogledov:	0
Št. prenosov:	0
Ocena:	0 (0 glasov)
Metapodatki:

Ostali podatki

Sekundarni jezik:	Slovenski jezik
Sekundarne ključne besede:	makrobonitetna politika;denarna politika;mikrobonitetna politika;finančna stabilnost;
Vrsta dela (COBISS):	Znanstveno delo
Strani:	str. 33-66
Letnik:	ǂVol. ǂ32
Zvezek:	ǂno. ǂ2
Čas izdaje:	dec. 2021
DOI:	10.15179/ces.23.2.2
ID:	25178283