2010年-ECB欧洲央行_Macro-prudential_Policy_Objectives_and_Tools_9页_284kb

IV SPECIAL FEATURES: Summary

Core Content

This document provides an overview of macro-prudential policy objectives and tools, emphasizing the need for a framework to enhance the resilience of the financial system and mitigate systemic risks. It outlines the challenges and considerations in designing and implementing such policies, particularly in light of the financial crisis and its lessons.

Main Views

1. Macro-Prudential Policy Objectives

• Primary Objective: To limit systemic risk in order to minimize the economic costs of financial instability.
• Systemic Risk Dimensions:
  • Cross-sectional dimension: Risks arising from contagion and interactions between financial institutions.
  • Time dimension: Risks from the build-up of financial imbalances over time.
• Intermediate Goal: Enhancing the financial system's resilience to withstand shocks, which is a prerequisite for ensuring the stable provision of financial services to the economy.
• Additional Objective: Directly addressing sources of systemic risk, not just building resilience, by targeting imbalances at their root.

2. Macro-Prudential Policy Tools

• Tools to Enhance System-Wide Resilience:

  • Capital and provisioning measures:
    • Tightening Tier 1 capital eligibility criteria.
    • Introducing leverage ratios and capital conservation buffers.
    • Implementing countercyclical capital buffers based on credit growth.
    • Forward-looking provisioning to reflect expected losses.
  • Liquidity risk measures:
    • Net stable funding ratio (NSFR) for long-term liquidity.
    • Liquidity coverage ratio (LCR) for short-term liquidity.
  • Contingent capital instruments: Debt that converts to equity under financial distress conditions.
  • Recovery and resolution plans: Including "living wills" and resolution funds to improve the resolvability of large financial institutions.

• Tools to Address Financial Imbalances:

  • Time-varying LTV and LTI ratios: Adjusting loan-to-value and loan-to-income ratios based on market conditions.
  • Collateral rules: Tightening haircuts on secured lending during booms and relaxing them during downturns.
  • Discretionary capital surcharges: Imposing additional capital requirements on systemically important institutions or sectors perceived as high-risk.
  • Margins and haircuts on financial transactions: Affecting the cost of borrowing for non-financial institutions.

3. Interaction with Other Policy Areas

• Financial stability is multifaceted, involving the stability of institutions, markets, and infrastructure.
• Macro-prudential policy interacts with:
  • Monetary policy: Through the impact on credit supply and demand.
  • Fiscal policy: In addressing sector-specific imbalances.
• It is distinct from crisis management and resolution, which may involve central banks in other roles.
• Sectoral policies (e.g., for property or insurance) may be more appropriate for certain imbalances than macro-prudential measures.

4. Challenges in Implementation

• Calibration of tools is essential to ensure they have the desired impact on financial behavior.
• Cumulative effects of multiple tools must be considered, as they can interact in complex ways.
• Balancing resilience and effectiveness: Authorities must choose tools that both enhance system stability and avoid unintended economic consequences.
• Trigger mechanisms for time-varying tools need careful analysis, distinguishing between structural changes and actual imbalances.
• Communication and transparency are important to ensure market participants understand and respond to policy signals.

Key Information

• Systemic risk is defined as the risk that financial instability becomes widespread, impairing the functioning of the financial system and affecting economic growth and welfare.
• Central banks play a key role in macro-prudential oversight, particularly in systemic risk surveillance and policy advice.
• Basel Committee on Banking Supervision (BCBS) has proposed several measures to enhance resilience, including capital and liquidity requirements, countercyclical buffers, and forward-looking provisioning.
• Financial Stability Board (FSB) is exploring additional tools such as capital surcharges, systemic taxes, and recovery/resolution plans.
• Macro-prudential tools can be applied to both credit supply and credit demand, depending on the nature of the imbalance and the policy objective.
• Macro-prudential policy is not a substitute for sectoral or fiscal policies, but may complement them in certain situations.

Conclusion

Macro-prudential policy is a critical framework for maintaining financial stability, especially in the context of systemic risks. It involves a range of tools aimed at both enhancing the resilience of the financial system and directly addressing financial imbalances. The design and implementation of these tools require careful calibration, consideration of externalities, and a clear understanding of their impact on economic growth and market behavior. While there are challenges in defining and executing such policies, the ongoing global reform and enhanced analytical capabilities are expected to improve their effectiveness.