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Macro prudential policies from a micro prudential angle, Volume 1
 
Author:Cordella, Tito; Pienknagura, Samuel; Collection Title:Policy Research working paper ; no. WPS 6721
Country:World; Date Stored:2013/12/11
Document Date:2013/12/01Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Banks & Banking Reform; Debt Markets; Deposit Insurance; Financial IntermediationLanguage:English
Region:The World RegionReport Number:WPS6721
Volume No:1  

Summary: The standard macro(prudential) models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. This paper explicitly models individual banks' risk choices and shows that different prudential instruments affect banks' risk-taking incentives differently. Thus, conflicts may arise between the micro and macro prudential stance.

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