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Macroprudential Policy in Central Banks: Integrated or Separate? Survey Among Academics and Central Bankers

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MALOVANÁ Simona HODULA Martin GRIC Zuzana BAJZÍK Josef

Rok publikování 2023
Druh Článek v odborném periodiku
Časopis / Zdroj JOURNAL OF FINANCIAL STABILITY
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www https://www.sciencedirect.com/science/article/pii/S1572308923000074
Doi http://dx.doi.org/10.1016/j.jfs.2023.101107
Klíčová slova Central banking; expert survey; institutional arrangement; macroprudential policy; monetary policy
Přiložené soubory
Popis We surveyed experts from academia, central banks and other regulatory institutions on the preferred institutional setup of macroprudential policy and the underlying interactions stemming from the conduct of monetary and macroprudential policy. We find substantial support for the integration setup, under which macroprudential policy is entrusted to the central bank and not to a separate institution. The most significant factors driving the respondents' views are the large degree of interdependence of the two policies, the potential information gains from keeping them "under one roof", and a greater capability to resolve strategic conflicts. We identify non-negligible heterogeneity in the responses, especially in terms of respondents' age, managerial position and research orientation.

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