Anmerkungen:
In: BIS Paper No. 86l
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 2016 erstellt
Beschreibung:
The recent world financial and economic crisis revealed the need for a macroprudential approach to financial system analysis, since it has become obvious that a significant share of risks arises from the system itself, independently of the risks related to individual financial institutions. The previous regulatory framework has shown to be pro-cyclical, which, combined with liberalised financial systems and technological advancement, increased the speed and the intensity of shock propagation. Real output costs of extreme financial crises amount from 3% to 5% of world GDP (Kapp and Vega (2012)), while the social costs considerably exceed those amounts. All of this emphasises the necessity of identifying and monitoring systemic risks in order to better understand the processes of their accumulation and enable the preventive reaction of policy makers, which was partly missing in the “standard” supervision framework.Full publication: "http://ssrn.com/abstract=2844203" Macroprudential Policy