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The role of macroprudential policy in the stabilisation of macro-financial fluctuations. Conference on Financial Stability/Banco de Portugal, Lisbon (Portugal), 2 October 2023

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  • Pablo Hernández de Cos

    (Banco de España)

Abstract

Macroprudential policy emerged after the global financial crisis to increase the resilience of the financial system against systemic risk and to prevent the excessive accumulation of such risk. This paper focuses on the effects of this policy on macroeconomic stability, a goal that it can complement monetary and fiscal policies in helping to achieve. Specifically, the potential role for this purpose of capital buffers and, in particular, the countercyclical capital buffer (CCyB), is examined.

Suggested Citation

  • Pablo Hernández de Cos, 2024. "The role of macroprudential policy in the stabilisation of macro-financial fluctuations. Conference on Financial Stability/Banco de Portugal, Lisbon (Portugal), 2 October 2023," Occasional Papers 2403, Banco de España.
    • Handle: RePEc:bde:opaper:2403e
    DOI: https://doi.org/10.53479/36072
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    More about this item

    Keywords

    systemic risk; macroprudential policy; countercyclical capital buffer (CCyB); macro-financial stabilisation;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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