Financial Stability, Systemic Risk and Macroprudential Policy
In: CNB Financial Stability Report 2010/2011
This article aims to open a debate on creating a macroprudential policy framework in the Czech Republic. It starts by describing how the CNB defines financial stability and what place macroprudential policy has within it. It then gives the sources of systemic risk and outlines the mechanisms which lead first to the accumulation and subsequently to the materialisation of such risk. It goes on to compare the operational framework of macroprudential policy with the traditional monetary policy framework. Tools and actions which can be included in the financial stability and macroprudential policy toolkit are subsequently incorporated into this framework.
|This chapter was published in: Jan Frait & Zlatuse Komarkova CNB Financial Stability Report 2010/2011, , chapter Thematic Article 1, pages 96-111, 2011.|
|This item is provided by Czech National Bank, Research Department in its series Occasional Publications - Chapters in Edited Volumes with number fsr1011/1.|
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