Un modelo interdisciplinario para la macroeconomía

Haldane, Andrew; Turrel, Arthur E.

doi:10.18601/01245996.v21n40.03

Cited by 3 publications

(3 citation statements)

References 170 publications

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“…Согласно результатам ряда исследований [12][13][14][15] финансовый леверидж является основным индикатором банковских кризисов и цикличности экономики. В частности, M. Gross и др.…”

Section: обзор литературыunclassified

“…А в период экономического спада наиболее значимым риском является скорость снижения доли заемных средств [12]. В результате исследования влияния задолженности финансовых корпораций на финансовую стабильность A. Haldane и V. Madouros [13] пришли к выводу о необходимости ограничения этой задолженности. В развитие данной темы ряд ученых и экспертов провели сравнительный анализ эффективности регулятивных инструментов и установили, что регулирование долга оказывает более сильное влияние на риск, чем регулирование капитала [14].…”

Section: обзор литературыunclassified

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Effectiveness of Macroprudential Policy: Problems of Measurement and Evaluation

Господарчук

Zeleneva

2023

jour

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The macroprudential policy of central banks plays a key role in ensuring financial stability not only at the level of individual states but also on the scale of the entire global economy. In this regard, adequate measurement of its effectiveness is an urgent task for national and supranational financial regulatory authorities. The present study is focused on solving this problem. The purpose of the study is to develop indicators and criteria for a comprehensive assessment of the effectiveness of countries’ macroprudential policies, allowing for a cross-country analysis of this effectiveness and identifying the best global practices in macroprudential regulation. The study is based on the consolidation of the market and institutional approaches to measuring financial stability, as well as on the use of normative methods and methods of comparative economic analysis. As a result of the study, new indicators for diagnosing the effectiveness of macroprudential policy have been developed. Criteria are proposed to determine the international positions of countries in terms of the level of general, market, and institutional effectiveness of the macroprudential policy. Testing of the developed indicators and criteria was carried out for 180 countries for the period 1998–2019. The developed indicators and criteria for the effectiveness of macroprudential policy differ from the existing ones in a comprehensive manner, since they take into account the stability of financial markets and financial systems at the same time. They are also more representative as they include a wider range of parameters taken into account in financial stability calculations.

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Section: обзор литературыunclassified

Effectiveness of Macroprudential Policy: Problems of Measurement and Evaluation

Господарчук

Zeleneva

2023

jour

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“…Similarly, Hossain et al (2018) have found that the additional regulatory capital and liquidity requirement would increase the financial stability of the Brazil, Russia, India, China and South Africa (BRICS) economies. On the contrary, Haldane and Madouros (2012) have doubted the ability of the Basel 3 capital accord to prevent the potential financial crises in the global banking system. Similarly, Carmassi and Micossi (2012) have opined that the mandatory compliance of the banks to stringent regulatory capital and liquidity requirements would result in a reduction in capital and increase leverage for banks, thus making the banking system financially more fragile.…”

Section: Capital Regulation and Cost Of Financial Intermediationmentioning

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Market competition, capital regulation and cost of financial intermediation: an empirical study on the banking sector of Bangladesh

Mia

2022

AJEB

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PurposeThis study aims to examine the impact of market competition, and capital regulation on the cost of financial intermediation of banks of the Bangladesh banking industry.Design/methodology/approachThis study has used a balanced panel dataset comprised of 340 firm-year observations for 34 commercial banks in the Bangladesh banking industry from 2011 to 2020. The Prais Winsten panel estimator has been used to assess the impact of market competition and capital regulation on the cost of financial intermediation of banks.FindingsBased on the regression results, this study has documented that greater market competition results in a lower cost of financial intermediation for banks. Similarly, an increase in the regulatory capital of banks increases the cost of financial intermediation of banks. The main findings of this study are found robust by using alternative proxies for the cost of financial intermediation, market competition and capital regulation. The regression results also suggest that private commercial banks tend to have a higher cost of financial intermediation than state-owned commercial banks.Research limitations/implicationsThe regulatory reforms should aim to foster sustainable and optimal market competition for the Bangladesh banking industry to regulate the market power of banks to reduce the cost of financial intermediation. The regulatory authority of Bangladesh should find the optimal policy measures for implementing the capital regulation in the banking industry which would reduce the cost of financial intermediation margin of banks.Originality/valueUnlike previous studies which have used structural market competition measures, this study has used non-structural market competition measures to assess the relationship between market competition and cost of financial intermediation in the Bangladesh banking industry.

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Information policy of the Bank of Russia and the central banks of other countries

Perkova

2023

Proceedings of Voronezh State University. Series: Economics and Management

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Subject. The information policy of the central bank plays an important role in increasing transparency and confidence in the actions of the central bank. It also has a significant impact on the expectations of economic agents. In recent years, the Bank of Russia has taken a number of measures aimed at increasing the transparency of the monetary policy. Its information policy has undergone significant changes due to the transition to the inflation targeting regime in 2014-2015. For a long time, economists and researchers have had controversial opinions about the impact of central banks’ information transparency on the economy. The development of financial institutions, monetary policy instruments, and its goals have created new conditions for and requirements to the regulators’ information policy. Objectives. An original study of the content of the information policy of the Bank of Russia and the central banks of other countries, as well as its evolution stipulated by the transition to the inflation targeting regime, their comparison to determine common or distinctive features. An assessment of their adequacy and whether it is reasonable to adjust the information policy of the Bank of Russia in order to increase its credibility and to stabilise inflation expectations. An analysis of changes in the awareness of the population of Russia about the monetary policy during the period preceding to the complete transition to the inflation targeting regime and at present time. Methodology. In our study, we used the empirical method of comparison and the following theoretical methods: dialectical and the method of analysis and synthesis based on the study of relevant literature dedicated to the topic. MS Excel package was used to analyse and visualise the results. Results. The study involved comparing the communication policy of the Bank of Russia during the period preceding to the introduction of the inflation targeting regime and preparation to it (2012) and after several years of its operation (2021). It also analysed the influence of the expansion of communication channels on the dynamics of expectations of the population of Russia regarding future annual inflation. The communication policies of central banks of other countries targeting inflation were studied and used to develop recommendations on how to improve the effectiveness of the information policy and the monetary policy of the Bank of Russia as a whole. Conclusions. A comparison of information materials of the Bank of Russia for the period preceding to the preparation for the transition to the inflation targeting regime (2012) and the present time (2021) showed that the Bank of Russia increased the number of regularly published information messages and analytical materials by almost 3 times. A comparison of the information policy of the Bank of Russia and central banks of other countries revealed that taken as a whole the number and content of published materials corresponds to generally accepted international standards, including the practice of countries with a longer experience of inflation targeting. Works dedicated to the topic were studied and the benefits of using certain types of communications in other countries were assessed. As a result, recommendations were developed on how to improve the effectiveness of both information policy and monetary policy as a whole.

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Un modelo interdisciplinario para la macroeconomía

Cited by 3 publications

References 170 publications

Effectiveness of Macroprudential Policy: Problems of Measurement and Evaluation

Effectiveness of Macroprudential Policy: Problems of Measurement and Evaluation

Market competition, capital regulation and cost of financial intermediation: an empirical study on the banking sector of Bangladesh

Information policy of the Bank of Russia and the central banks of other countries

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