Monetary policy and macroprudential policy: Rivals or teammates?

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F26138077%3A_____%2F17%3AN0000001" target="_blank" >RIV/26138077:_____/17:N0000001 - isvavai.cz</a>

Alternative codes found

RIV/00216208:11230/17:10366833

Result on the web

<a href="http://dx.doi.org/http://dx.doi.org/10.1016/j.jfs.2017.08.004" target="_blank" >http://dx.doi.org/http://dx.doi.org/10.1016/j.jfs.2017.08.004</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/http://dx.doi.org/10.1016/j.jfs.2017.08.004" target="_blank" >http://dx.doi.org/10.1016/j.jfs.2017.08.004</a>

Result language

angličtina

Original language name

Monetary policy and macroprudential policy: Rivals or teammates?

Original language description

This paper sheds some light on situations in which monetary and macroprudential policies may interact(and potentially get into conflict) and contributes to the discussion about the coordination of those poli-cies. Using data for the Czech Republic and five euro area countries we show that monetary tighteninghas a negative impact on the credit-to-GDP ratio and the non-risk-weighted bank capital ratio (i.e. apositive impact on bank leverage), while these effects have strengthened considerably since mid-2011.This supports the view that accommodative monetary policy contributes to a build-up of financial vul-nerabilities, i.e. it boosts the credit cycle. On the other hand, the effect of the higher bank capital ratio isassociated with some degree of uncertainty. For these and other reasons, coordination of the two policiesis necessary to avoid an undesirable policy mix preventing effective achievement of the main objectivesin the two policy areas.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

50202 - Applied Economics, Econometrics

Project

<a href="/en/project/GA16-21506S" target="_blank" >GA16-21506S: New Sources of Systemic Risk in the Financial Markets</a><br>

Continuities

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year

2017

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Journal of Financial Stability

ISSN

1572-3089

e-ISSN

1878-0962

Volume of the periodical

32

Issue of the periodical within the volume

October

Country of publishing house

NL - THE KINGDOM OF THE NETHERLANDS

Number of pages

16

Pages from-to

1-16

UT code for WoS article

000413660700001

EID of the result in the Scopus database

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