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Alzate Hernán (University of Gdańsk, PhD Student)
The Roots of Macroprudential Policy and the Risk-Taking Channel of Monetary Policy
Źródła polityki makroostrożności i kanał ryzyka w polityce pieniężnej
Współczesna Gospodarka, 2017, vol. 8, nr 4, s. 69-79, rys., bibliogr. 73 poz.
Contemporary Economy Electronic Scientific Journal
Polityka ostrożnościowa, Polityka pieniężna, Ryzyko bankowe, Polityka makroostrożnościowa
Prudential policy, Monetary policy, Banking risk, Macroprudential policy
JEL Classification: E52, E58, G21, G28
streszcz., summ.
Cel: głównym celem niniejszej pracy jest dowiedzenie, że ze względu na bezpośredni związek pomiędzy politykami makroostrożnościowymi a polityką pieniężną, warto jest dokonać analizy ich wzajemnych zależności z tzw. kanałem ryzyka. Metoda: analiza przedstawiona w niniejszej pracy bazuje na rozległym przeglądzie literatury z rzetelnych źródeł, mająca na celu wsparcie wyników badań. Wyniki badań: badanie polityk makroostrożnościowych oraz konwencjonalnych i niekonwencjonalnych polityk pieniężnych przyjmowanych przez banki centralne od kryzysu finansowego w 2008 r. można rozszerzyć o analizę szoku kredytowego i gospodarek rozwijających się. To ciekawe zjawisko można zbadać poprzez pomiar efektów ubocznych związanych z polityką pieniężną gospodarek wysoko rozwiniętych dotyczących kanału ryzyka w gospodarkach rozwijających się. (abstrakt oryginalny)

Purpose: the main objective of this manuscript is to confirm that since there is a direct link between macroprudential policies and monetary policy, it is worthwhile to analyze the inter-dependence with the risk-taking channel. Methodology: the analysis presented in this manuscript is based on an extensive literature review from reliable sources in order to support the research findings. Findings: The empirical research about macroprudential policies, as well as the conventional and unconventional monetary policies adopted by central banks since the 2008 financial crisis could be expanded by adding the credit shock and including Emerging Economies as part of the analysis. This interesting phenomenon could be investigated by estimating spillover effects associated to Advanced Economies' monetary and prudential policies on Emerging Economies' risk-taking channel. (original abstract)
Full text
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