O skuteczności i efektywności antycyklicznej polityki makroostrożnościowej

Małgorzata Olszak

Published : 2023-11-21

Vol. 61 No. 4 (2015)

On the effectiveness and efficiency of countercyclical macroprudential policy

Małgorzata Olszak

Abstract

The article focuses on the problem of assessment of the effectiveness anD efficiency of countercyclical macroprudential policy. It presents basic sources of procyclicality of the financial sector and analyses objectives of countercyclical macroprudential policy. The effectiveness of macroprudential policy concerns the degree to which market failures can be addressed and intermediate and final objectives can be achieved. An analysis of contemporary literature in search of methods which could be applied to assess the degree to which the objectives of macroprudential policy are achieved leads us to the conclusion that the current state of knowledge in this area is insufficient. In the same vein, we know very little about the efficiency of countercyclical macroprudential policy, because
available studies focus on a few indirect macroeconomic costs and benefits of more restrictive capital adequacy and liquidity standards, estimated as output losses and gains. Macroprudential regulations, in particular those that are countercyclical, are essential to safeguarding financial stability, which is a prerequisite for stable economic growth and social welfare. However, the analysis conducted in this paper leads to the conclusion that we need further research, with the aim of developing a robust framework of assessment of these regulations. The research should also attempt to design a reliable framework of assessment of the efficiency of macroprudential policy.

Keywords:

procyclicality, macroprudential policy, effectiveness, efficiency

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Olszak, M. . (2023). On the effectiveness and efficiency of countercyclical macroprudential policy. Safe Bank, 61(4), 9–40. Retrieved from https://ojs.bfg.pl/index.php/bb/article/view/316

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