Macro Prudential Policies from a Micro Prudential Angle

Cordella, Tito ; Pienknagura, Samuel

World Bank, Washington, DC

关键词: AGENCY PROBLEMS;    BANK BAILOUTS;    BANK DIRECTOR;    BANK LIQUIDITY;    BANK RISK;   

DOI  :  10.1596/1813-9450-6721
RP-ID  :  WPS6721

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The standard macro(prudential) modelsfocus on externalities and treat all prudential instrumentsas alternative, but equivalent, forms of Pigouvian taxes.This paper explicitly models individual banks' riskchoices and shows that different prudential instrumentsaffect banks' risk-taking incentives differently. Thus,conflicts may arise between the micro and macro prudential stance.