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Macro prudential policies from a micro prudential angle, Volume 1
Author:Cordella, Tito; Pienknagura, Samuel; Country:World;
Date Stored:2013/12/11Document Date:2013/12/01
Document Type:Policy Research Working PaperSubTopics:Economic Theory & Research; Banks & Banking Reform; Debt Markets; Deposit Insurance; Financial Intermediation
Language:EnglishRegion:The World Region
Report Number:WPS6721Collection Title:Policy Research working paper ; no. WPS 6721
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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