Systemic risk, monetary and macroprudential policy

• Autores: José Luis Peydró Alcalde
• Localización: Estabilidad financiera, ISSN 1579-2498, Nº. 26, 2014, págs. 37-47
• Idioma: español
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• Resumen

  • I analyze the relationship between credit cycles and systemic risk, and their interaction with monetary and macroprudential policy. In particular, I answer the following questions:Are credit cycles one of the main determinants of the likelihood and severity of systemicfinancial crises? Do macroprudential and monetary policy affect credit supply cycles? The evidence summarized in this article shows that credit cycles are crucial for systemic risk � they are the main ex-ante correlate of financial crises, and conditioned on crises, they are associated to worse real effects � and, importantly, monetary and macroprudential policy are key determinants of credit supply cycles and excessive risk-taking.