Capital Flows, Financial Intermediation and Macroprudential Policies

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• 作者：Matteo F. Ghilardi ; Shanaka J. Peiris
• 刊名：Open Economies Review
• 出版年：2016
• 出版时间：September 2016
• 年：2016
• 卷：27
• 期：4
• 页码：721-746
• 全文大小：897 KB
• 刊物类别：Business and Economics
• 刊物主题：Economics
  International Economics
  Development Economics
  
• 出版者：Springer Netherlands
• ISSN：1573-708X
• 卷排序：27

文摘

This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and macroprudential policies. The key result is that macroprudential measures can usefully complement monetary policy. Countercyclical macroprudential polices can help reduce macroeconomic volatility and enhance welfare. The results also demonstrate the importance of capital flows and financial stability for business cycle fluctuations as well as the role of supply side financial accelerator effects in the amplification and propagation of shocks.KeywordsFinancial frictionsCapital regulationMonetary policy