scholarly journals The Theoretical Framework of Macroprudential Policy and its Place in the Scheme of Economic Policy

2016 ◽  
Vol 1 (2) ◽  
pp. 22-31
Author(s):  
János Kálmán
Keyword(s):  
Economic Policy ◽  
Historical Context ◽  
Theoretical Framework ◽  
Economic Policies ◽  
Macroprudential Policy ◽  
Macroprudential Regulation ◽  
Regulation And Supervision ◽  
Systemic Risks ◽  
Basic Concepts ◽  
The Stability

Microprudential regulation and supervision – focused on institutional risks – cannot guarantee the stability of the financial system. Therefore special attention should be paid to macroprudential regulation and supervision to address systemic risks. The purpose of this study is to provide the historical context and a theoretical framework for macroprudential regulation and supervision – a new area of economic policy. To this end, we shall examine the causes for the spread of macroprudential policy, its basic concepts, and thirdly, its place within the scheme of economic policies.

The age of symbolic economic policies?

2015 ◽  
Vol 37 (2) ◽  
pp. 245-265
Author(s):  
Peter Galbács
Keyword(s):  
Economic Policy ◽  
Theoretical Framework ◽  
Policy Tools ◽  
Economic Policies ◽  
Mainstream Economics ◽  
History Of ◽  
Theoretical Considerations ◽  
Macroeconomic Environment

This paper offers a few remarks on the so-called heterodoxy commentaries of recent times (e.g. Bod 2013, Csaba 2011). In accordance with the growing popularity of unusual economic policy actions, a set of “tools” is emerging that aims to exert its effects breaking with instrumental actions. Outlining a special framework of the history of mainstream economics, it will be argued that economic policy only gradually has become capable of applying this system. In our view, both the emergence of symbolic economic policies mentioned above and the rise of heterodoxy are on the same level, since certain governments can only operate through giving signals. Although it is not the time to formulate ultimate and eternal generalised statements, it may perhaps be stated that symbolic economic policies can make some room for manoeuvring available as a last resort. In other words, the possibility of a certain kind of economic policy “tools” can be derived from theoretical considerations, and this set has become highlighted recently by some constraining changes in the macroeconomic environment. Our theoretical framework will be filled sporadically with some episodes from the last few years of the economic policy of Hungary.

scholarly journals Importance of Macroprudential Policy Implementation for Safeguarding Financial Stability

2016 ◽  
Vol 5 (3) ◽  
pp. 79-98 ◽  
Author(s):  
Milena Vučinić
Keyword(s):  
Policy Implementation ◽  
Financial Stability ◽  
Financial System ◽  
Precise Determination ◽  
Institutional Framework ◽  
System Stability ◽  
Economic Policies ◽  
Macroprudential Policy ◽  
Systemic Risks ◽  
Potential Risks

Abstract The crisis pointed to the necessity for strong and stable financial system resistant to potential risks and shocks. Macroprudential policy is used to identify, monitor and asses systemic risks to financial stability. Therefore, it is very important to create effective and efficient macroprudential policy. To achieve this, it is crucial to create a strong institutional framework. This paper deals with the importance of macroprudential policy for financial system stability. The first part of the paper explains the macroprudential policy and its connection with other economic policies. The second part refers to the necessity of building strong institutional framework and the importance of providing clear responsibilities for macroprudential policy, as long as precise determination of responsibilities is very suggested and important for further functioning and policy implementation. Responsibilities for macro-prudential policy and macroprudential supervision defers among countries.

scholarly journals Macroprudential Policy Versus Other Economic Policies

2021 ◽  
Vol 23 (2) ◽  
pp. 33-66
Author(s):  
Eva Lorenčič ◽  
◽  
Mejra Festić ◽  
Keyword(s):  
Financial Crises ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial System ◽  
Policy Instruments ◽  
Economic Policies ◽  
Macroprudential Policy ◽  
Descriptive Research ◽  
The Stability ◽  
The Global Financial Crisis

After the global financial crisis of 2007, macroprudential policy instruments have gained in recognition as a crucial tool for enhancing financial stability. Monetary policy, fiscal policy, and microprudential policy operate with a different toolkit and focus on achieving goals other than the stability of the financial system as a whole. In ligh of this, a fourth policy – namely macroprudential policy – is required to mitigate and prevent shocks that could destabilize the financial system as a whole and compromise financial stability. The aim of this paper is to contrast macroprudential policy with other economic policies and explain why other economic policies are unable to attain financial stability, which in turn justifies the need for a separate macroprudential policy, the ultimate goal whereof is precisely financial stability of the financial system as a whole. Our research results based on the descriptive research method indicate that, in order to prevent future financial crises, it is indispensable to combine both the microprudential and the macroprudential approach to financial stability. This is because the causes of the crises are often such that they cannot be prevented or mitigated by relying only on microprudential or only on macroprudential policy instruments.

scholarly journals FINANCING-TO-VALUE (FTV) POLICY AND ITS IMPACT ON RESIDENTIAL PROPERTY PRICES IN INDONESIA

2020 ◽  
Vol 6 (3) ◽  
Author(s):  
Imam Wahyudi Indrawan ◽  
Maya Puspa Rahman ◽  
Nurfatihah Ahmad Senusi
Keyword(s):  
Panel Data Analysis ◽  
Banking System ◽  
Residential Property ◽  
Analysis Method ◽  
Macroprudential Policy ◽  
Systemic Risks ◽  
Property Price ◽  
Islamic Financial Institutions ◽  
The Stability ◽  
The Impact

Financing-to-value (FTV) policy is a macroprudential policy currently used by the central banks to maintain the stability of financial systems and prevent systemic risks. In Indonesia this is particularly the case in relation to financing of the property sector by Islamic financial institutions. This paper aims to analyse the impact of FTV policy on the residential property price index (RPPI) in Indonesia using a panel data analysis method. Indonesia is chosen in this study as it is one of the countries implementing FTV policy in its Islamic banking system. There are three important findings to be drawn from the study. First, FTV policy ratios significantly affect RPPI.

Market Reforms in Russia: Can the Vicious Circle Be Teared Open?

2004 ◽  
pp. 114-128
Author(s):  
V. Nimushin
Keyword(s):  
Economic Policy ◽  
Comparative Analysis ◽  
Historical Context ◽  
Vicious Circle ◽  
Modern World ◽  
Market Reforms ◽  
Main Task ◽  
Forward Movement ◽  
Socially Responsible ◽  
The Way

In the framework of broad philosophic and historical context the author conducts comparative analysis of the conditions for assimilating liberal values in leading countries of the modern world and in Russia. He defends the idea of inevitable forward movement of Russia on the way of rationalization and cultivation of all aspects of life, but, to his opinion, it will occur not so fast as the "first wave" reformers thought and in other ideological and sociocultural forms than in Europe and America. The author sees the main task of the reformist forces in Russia in consolidation of the society and inplementation of socially responsible economic policy.

Assessment of Poland's Economic Policy During te Crisis

2013 ◽  
Vol 8 (3) ◽  
pp. 195-210
Author(s):  
Stefan Krajewski
Keyword(s):  
Economic Policy ◽  
Pension System ◽  
Fiscal Sustainability ◽  
Economic Policies ◽  
Role Of The State ◽  
The Usa ◽  
Reducing Costs ◽  
Polish Economy ◽  
Favorable Conditions ◽  
The Eu

The rapid weakening of economic activity, covering most states in the world, gives rise to a lively discussion on the choice of methods to tackle the crisis, the legitimacy and effectiveness of various economic policies, the role of the state and the scope of its intervention in the economy. The paper evaluates the Polish economic policy in recent years. This refers to the situation prevailing in the EU and the USA. I conclude that the Polish economy during the crisis remained relatively stable, without having to provide the emergency aid from the outside. The development of such a situation has been affected by different reasons, including: - The benefits of the so-called "backwardness rent", which resulted, among others, in the inflow of EU funds (Poland was in 2007-2013 and in will be in 2014-2020 the biggest beneficiary of the EU budget); - The effects of decisions on changes in the tax and social security, taken for political reasons (before the crisis); - The controversial withdrawal from the funded pension system, reducing the budget deficit and public debt; - The prudent monetary policy and anti-inflation policy pursued over many years. Actions taken in Poland are primarily focused on reducing costs, which differs quite significantly from the economic policy dominant in the U.S. and the "old" EU countries which generally pursue expansionary fiscal policy and a policy of cheap money. Polish solution facilitates the achievement of short-term fiscal sustainability, but does not create favorable conditions for the development in the long-term (insufficient investment, petrification of economic structure, lack of innovation). 

CURRENT ISSUES OF INTERBUDGETARY EQUALIZATION

2020 ◽  
Vol 1 (12) ◽  
pp. 74-78
Author(s):  
A. A. BISULTANOVA ◽  
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Russian Federation ◽  
Current System ◽  
Federal Budget ◽  
Financial Resources ◽  
Socio Economic Development ◽  
Interregional Differentiation ◽  
The Russian Federation ◽  
The Stability

The author touched upon topical issues of inter-budget alignment, budget provision of regions with financial resources, focusing on factors that directly affect the stability of the budget system, as well as highlighting problems in the budget sphere that require urgent attention from the authorities. It is concluded that the level of interregional differentiation continues to increase, and the modern mechanism of budget equalization requires urgent amendments and adjustments. It is emphasized that the main goals of socio-economic development of the Russian Federation related to the transition to an innovative type of development, changes in the structure of the national economy, set out in strategic documents and messages of the President of the Russian Federation and declared since 2009, are not being implemented, and the effectiveness of state economic policy and Federal budget expenditures for its implementation remains low. This indicates the need to review the current system.

Basic Concepts in the Stability Theory of Thin-walled Structures

2010 ◽  
Author(s):  
A. Guran ◽  
L. Lebedev ◽  
Michail D. Todorov ◽  
Christo I. Christov
Keyword(s):  
Stability Theory ◽  
Thin Walled Structures ◽  
Thin Walled ◽  
Basic Concepts ◽  
The Stability

Bankenwettbewerb und die Stabilität von Finanzsektoren

2021 ◽  
Vol 70 (1) ◽  
pp. 1-36
Author(s):  
Toni Richter
Keyword(s):  
Economic Policy ◽  
Precise Measurement ◽  
Policy Discourse ◽  
Competitive Effect ◽  
Too Big To Fail ◽  
Financial Systems ◽  
The Subject ◽  
State Of Research ◽  
The Stability ◽  
Elementary Basis

Abstract Since the financial crisis of 2008 and intensified during the corona crisis, the interdependence between the stability of the financial systems and the prevailing degree of competition (DC) has been the subject of scientific and economic policy discourse on fragmented markets and „too-big-to-fail“ banks. In theory and empiricism, two fundamentally contrary causal concepts are opposed, the elementary basis of which is the precise measurement of the DC: Competition-stability- versus Fragility-Hypothesis. Based on the recent state of research, it can be shown that alternative DC-Measurements consistently show significantly different competitive conditions and in consequence the evidence for or against a stability-enhancing competitive effect seems to be predetermined by the chosen DC-Measurement.

scholarly journals The Concept of Indonesia Raya Incorporated Conforms the Constitution of Economics: Studies of Grounded Theory on State Asset Ownership Management

2018 ◽  
Vol 8 (1) ◽  
pp. 136
Author(s):  
R. Agus Trihatmoko ◽  
Y. Sri Susilo
Keyword(s):  
Economic Policy ◽  
Grounded Theory ◽  
Private Sector ◽  
Group Discussion ◽  
Regional Government ◽  
Theory Approach ◽  
Economic Policies ◽  
Asset Ownership ◽  
New Economic Policy ◽  
The Republic

The phenomenon regarding the emersion of the idea of Indonesia Raya Incorporated (IRI) is interesting to be thereferences in economic policy studies.This study aim to reveal and interpret the management of state asset ownership as a proposal on the IRI approach. This research used qualitative method, designed with grounded theory approach and constructivism philosophy. Data collection was obtained from the results of Focus Group Discussion (FGD) of economists from various universities. The results reveal that: (1) The gap on state asset ownership by state-owned enterprises(BUMN), regional government-owned enterprises(BUMD) and private sectoras a result of economic liberalization is the antecedent of the emergence of the idea about IRI; (2) IRI encourages changes in the legislation for new economic policies; (3) The new economic policy,in form of IRI eliminates the gap in state asset ownership by BUMN, BUMD and private sector; (4) The gap on state asset ownership by BUMN, BUMD, and private sector will determine the prospects of society welfare level and economic sovereignty, and finally lead to the integrity of the Unitary State of the Republic of Indonesia. It is generally concluded that IRI whichis proposed in the management of state asset ownership has fulfilled the economic constitution.

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