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Macroprudential regulations and systemic risk: Does the one-size-fits-all approach work?

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  • Rizwan, Muhammad Suhail

Abstract

This study empirically investigates whether systemic risk varies among countries with different income levels in response to macroprudential policy instruments (MPIs). The results suggest a negative association between overall MPIs and systemic risk using a sample of 68 countries covering the period between 2000 and 2017. However, not all instruments show intended stability benefits, especially for low and lower-middle-income economies. A comparative analysis reveals that upper-middle-income and high-income countries do receive stability benefits from MPIs. However, low and lower-middle-income economies show unintended instability costs in connection with MPIs, suggesting that a one-size-fits-all approach to macroprudential regulations is not beneficial. Low and lower-middle-income countries should carefully ascertain the choice, implementation, and monitoring of macroprudential policies.

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  • Rizwan, Muhammad Suhail, 2021. "Macroprudential regulations and systemic risk: Does the one-size-fits-all approach work?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
  • Handle: RePEc:eee:intfin:v:74:y:2021:i:c:s1042443121001256
    DOI: 10.1016/j.intfin.2021.101409
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    More about this item

    Keywords

    Macroprudential policies; Systemic risk; Cross-country analysis; Systemic stability;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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