IMF-宏观审慎政策与银行系统性风险：通胀目标是否重要？（英）-2023.6-46页_3mb

The working paper investigates the interaction between inflation targeting (IT) and macroprudential policies in reducing bank systemic risk. Using a dynamic panel regression with SRISK as a systemic risk measure, it analyzes 45 countries. Key findings include: IT significantly enhances the effectiveness of demand-based measures like DSTI and LTV limits, and certain capital requirements. However, under IT, some loan supply-based tools may be less effective due to circumvention. The paper highlights complementarities between monetary and macroprudential policies, supporting the need for policy coordination under IT to improve financial stability.