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Optimal macroprudential regulation tools

Vol. 26, Iss. 4, APRIL 2020

Received: 13 January 2020

Received in revised form: 11 February 2020

Accepted: 25 February 2020

Available online: 28 April 2020

Subject Heading: Financial control

JEL Classification: R11, R12, R58

Pages: 774–795

https://doi.org/10.24891/fc.26.4.774

Ipatyev I.R. Financial University under Government of Russian Federation, Moscow, Russian Federation
ivan.ipatyev@gmail.com

https://orcid.org/0000-0002-1792-7852

Subject. This article examines the hypothesis that microprudential and monetary policies are not able to provide measures to prevent excessive lending and guarantee the ability of financial institutions to cope with the growing credit bubble.
Objectives. The article examines approaches to identifying viable macroprudential policy options and an optimal set of regulation instruments.
Methods. For the study, I used a content analysis and generalization.
Results. The article presents some results of the assessment of certain macroprudential requirement instruments.
Conclusions. The study shows that some macroprudential policy tools can reduce systemic risks associated with credit cycles. Monetary policy alone is not able to effectively withstand the credit bubble risk. All financial policy instruments must be taken and considered together, as they work closely together.

Keywords: macroprudential policy, systemic risk, credit bubble, fund

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