Přeskočit na hlavní obsah Přeskočit na hlavní navigační menu Přeskočit na patičku stránky
  • Registrace
  • Přihlášení
  • Language
    • English
    • Deutsch
    • Język Polski
    • Español (España)
    • Italiano
    • Français (Canada)
    • Čeština
    • Français (France)
    • Hrvatski
    • Srpski
    • Українська
  • Menu
  • Domů
  • Forthcoming
  • Aktuální
  • Archivy
  • Ethics
  • Oznámení
  • Podrobnosti
    • O časopise
    • Příspěvky
    • Editorský tým
    • Zásady zachování soukromí
    • Kontakt
  • Registrace
  • Přihlášení
  • Language:
  • English
  • Deutsch
  • Język Polski
  • Español (España)
  • Italiano
  • Français (Canada)
  • Čeština
  • Français (France)
  • Hrvatski
  • Srpski
  • Українська

Copernican Journal of Finance & Accounting

The importance of prudential regulations in the process of transmitting monetary policy to economy
  • Domů
  • /
  • The importance of prudential regulations in the process of transmitting monetary policy to economy
  1. Domů /
  2. Archivy /
  3. Vol 4 No 2 (2015) /
  4. Articles

The importance of prudential regulations in the process of transmitting monetary policy to economy

Autoři

  • Magdalena Redo Faculty of Political Sciences and International Studies, Nicolaus Copernicus University, Batorego 39L, 87-100 Toruń

DOI:

https://doi.org/10.12775/CJFA.2015.021

Klíčová slova

central bank, monetary policy, macroprudential supervision, mechanisms of transmitting impulses of monetary policy

Abstrakt

The main aim of prudential regulations is to increase the stability of financial systems; however, such regulations also increase the risk-taking tendency of banks, they encourage them to combine and limit their lending possibilities with, at the same time, lowering the efficiency of monetary policy in affecting economic processes. Thus, it occurs as a reasonable solution to integrate macroprudential supervision with monetary policy of the central bank and to subsequently limit the pro-cycle character of these regulations. The aim of this article is to discuss the importance of the regulatory channel in the process of transmitting impulses of monetary policy into economy and to overview the results of research, which analyzed the influence of macroprudential regulations on bank lending policy as well as their sensitivity towards monetary policy of the central bank.

Reference

Agénor, P.R., Alper, K., & Pereira da Silva, L.A. (2012). Sudden Floods, Prudential Regulation and Stability in an Open Economy. Banco Central do Brasil Working Paper Series, 267, February.

Agénor, P.R., & Pereira da Silva, L.A. (2011). Macroprudential Regulation and the Monetary Transmission Mechanism. Banco Central do Brasil Working Paper Series, 254, November.

Aliaga-Díaz, R., Olivero, M.P., & Powell, A. (2011). The macroeconomic Effects of Anti-Cyclical Bank Capital Requirements: Latin America as a Case Study, Cass Business School City University London, April.

Berger, A., & Udell, G. (1994). Did risk-based capital allocate bank credit and cause a ‘credit crunch’ in the United States 1994? Journal of Money, Credit and Banking, 26, 585–628.

Bernanke, B., & Low, C. (1991). The Credit Crunch. Brookings Papers on Economic Activity, 2, 205–248.

Blum, J., & Hellwig, M. (1995). The Macroeconomic Implications of Capital Adequacy Requirements for Banks. European Economic Review, 39, 739–749. http://dx.doi.org/10.1016/0014-2921(94)00081-A.

Boivin, J., Kiley, M.T., & Mishkin, F.S. (2010). How has the monetary transmission mechanism evolved over time? NBER Working Paper 15879, April. http://dx.doi.org/10.2139/ssrn.1783786.

Borio, C., & Zhu, H. (2008). Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?, BIS Working Papers No 268, December. http://dx.doi.org/10.2139/ssrn.1334132.

Brayton, F., & Mauskopf, E. (1985). The Federal Reserve Board-MPS Quarterly Econometric Model of the U.S. Economy. Economic Modelling, 2, July, 170–292.

Breeden, R.C., & Isaac, W.M. (1992). Thank Basel for Credit Crunch. The Wall Street Journal, November 4, A14.

Brunnermeier, M.K., Crockett, A., Goodhart, C.A., Persaud, A.D., & Shin, H.S. (2009). The Fundamental Principles of Financial Regulation: Geneva Reports on the World Economy 11, Centre for Economic Policy Research, London June.

Carney, M. (2009). Some Considerations on Using Monetary Policy to Stabilize Economic Activity, Federal Reserve Bank of Kansas City.

Cecchetti, S.G., & Li, L. (2005). Do capital adequacy requirements matter for monetary policy? NBER Working Paper Series, 11830, December.

Chami, R., & Cosimano, T.F. (2001). Monetary Policy with a Touch of Basel. IMF Working Paper, WP/01/151, October. http://dx.doi.org/10.5089/9781451857030.001.

Chiuri, M.C., Ferri, G., & Majnoni, G. (2001). Enforcing the 1988 Basel Capital Requirements: Did it Curtail Bank Credit in Emerging Economies? Economic Notes. Review of Banking, Finance and Monetary Economics, 30, November, 399–419. http://dx.doi.org/10.1111/1468-0300.00065.

Choi, G. (2000). The Macroeconomic Implications of Regulatory Capital Adequacy Requirements for Korean Banks. Economic Notes, 29(1), February, 111–143. http://dx.doi.org/10.1111/1468-0300.00026.

Dell’Ariccia, G., Laeven, L., & Suarez, G. (2013). Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States. IMF Working Paper, WP/13/143, June. http://dx.doi.org/10.5089/9781484381137.001.

Demchuk, O., Łyziak, T., Przystupa, J., Sznajderska, A., & Wróbel, E. (2011). Mechanizm transmisji polityki pieniężnej w Polsce. Co wiemy w 2011 roku? Raport, Instytut Ekonomiczny Biuro Badań, grudzień.

Economic Planning Agency (1998). White Paper on Japanese Economy 1997–1998, Ministry of Finance Printing Bureau, December.

Farhi, E., & Tirole, J. (2009). Collective Moral Hazard, Maturity Mismatch and Systematic Bailouts. NBER Working Paper Series, 15138, July.

Furfine, C. (2001). Bank portfolio allocation: The impact of capital requirements, regulatory, monitoring, and economic conditions. Journal of Financial Services Research, 20, 33–56.

Hancock, D., & Wilcox, J.A. (1992). The Effects on Bank Assets of Business Conditions and Capital Shortfalls. Credit Markets in Transition. Federal Reserve Bank of Chicago, May, 502–520.

Hancock, D., &Wilcox, J.A. (1997). Bank Capital, Non-bank, Finance, and Real Estate Activity. Journal of Housing Research, 8, 75–105.

Herrera, H.V., Betancourt, Y.R., Varela, C., & Rodríguez, N. (2010). Effects of reserve requirements in an inflation targeting regime: the case of Colombia. BIS Working Papers, 54, 133–169.

Ito, T., & Nagataki Sasaki, Y. (1998). Impact of the Basle Capital Standard on Japanese

Banks’ Behavior. NBER Working Paper Series, 6730, September.

Jackson, P., Furfine, C., Groeneveld, H., Hancock, D., Jones, D., Perraudin, W., Radecki, L., & Yoneyama, M. (1999). Capital Requirements and Bank Behaviour: The Impact of the Basle Accord. Basle Committee on Banking Supervision Working Papers, 1, April.

Keys, B.J., Mukherjee, T., Seru, A., & Vig, V. (2008). Did Securitization Lead to Lax Screening? Evidence from Subprime Loans. Centre for Economic Performance, January. http://dx.doi.org/10.2139/ssrn.1108677.

Kokoszczyński, R. (red.) (1999). Mechanizm transmisji impulsów polityki pieniężnej: przegląd głównych teorii oraz specyfika transmisji w Polsce. Materiały i Studia, 91, NBP, Warszawa.

Maddaloni, A., & Peydró, J.L. (2010). Bank Risk-Taking, Securitization, Supervision and Low Interest Rates. Evidence from the Euro Area and the U.S. Lending Standards. European Central Bank Working Paper Series, 1248, October.

McCarthy, J., & Peach, R.W. (2002). Monetary Policy Transmission to Residential Investment. Federal Reserve Bank of New York Economic Policy Review, 8(1), 139–158.

Mesquita, M., & Toros, M. (2010). Brazil and the 2008 panic. BIS Working Papers, 54, 113–120.

Montoro, C., & Moreno, R. (2011). The use of reserve requirements as Policy instrument In Latin America. BIS Quarterly Report, March, 53–65.

Peek, J., & Rosengren, E. (1993). Bank regulation and the credit crunch. Federal Reserve Bank of Boston Working Papers, 93-2, February. http://dx.doi.org/10.1016/0378-4266(94)00148-V.

Peek, J., & Rosengren, E.S. (1992). The Capital Crunch: Neither a Borrower Nor a Lender Be. Federal Reserve Bank of Boston, February. http://dx.doi.org/10.2307/2077739.

Peek, J., & Rosengren, E.S. (1997a). Collateral Damage: Effects of the Japanese Real Estate Collapse on Credit Availability and Real Activity in the United States. Federal Reserve Bank of Boston Working Paper, 97-5, August 26. http://dx.doi.org/10.2139/ssrn.82728.

Peek, J., & Rosengren, E.S. (1997b). The International Transmission of Financial Shocks: The Case of Japan. American Economic Review, 87:4, September. http://dx.doi.org/10.2139/ssrn.36583.

Prunanandam, A. (2009). Originate-to-Distribute Model and the Sub-Prime Mortgage Crisis. Working Paper, October 29.

Rajan, R.G. (2005). Has Financial Development Made the World Riskier? NBER Working Paper Series, 11728, November.

Rajan, R.G. (2009). The Credit Crisis and Cycle-Proof Regulation. Federal Reserve Bank of St. Louis Review, 91, September/October, 397–402.

Redo, M. (2013). The Growing Importance of the Risk-Taking Channel in the Process of Transmitting Monetary Policy. Torun International Studies, 1 (6), 13–22, Published online December, 2013. http://dx.doi.org/10.12775/TIS.2013.002.

Tanaka, M. (2002). How do bank capital and capital adequacy regulation affect the monetary transmission mechanism? CESifo Working Paper, 799, October.

Wagster, J.D. (1999). The Basel Accord of 1988 and the International Credit Crunch of 1989–1992. Journal of Financial Services Research, 15, 123–243.

Watanabe, W. (2007). Prudential Regulation, the ‘Credit Crunch’ and the Ineffectiveness of Monetary Policy: Evidence from Japan. Journal of Money, Credit and Banking, 39, March–April, 639–665.

Zicchino, L. (2005). A model of bank capital, lending, and the macroeconomy: Basel I versus Basel II. Bank of England Working Paper, 270. http://dx.doi.org/10.2139/ssrn.824729.

Copernican Journal of Finance & Accounting

Stahování

  • PDF (English)

Publikováno

2015-12-17

Jak citovat

1.
REDO, Magdalena. The importance of prudential regulations in the process of transmitting monetary policy to economy. Copernican Journal of Finance & Accounting. Online. 17 prosinec 2015. Vol. 4, no. 2, pp. 145-158. [Accessed 5 červenec 2025]. DOI 10.12775/CJFA.2015.021.
  • ISO 690
  • ACM
  • ACS
  • APA
  • ABNT
  • Chicago
  • Harvard
  • IEEE
  • MLA
  • Turabian
  • Vancouver
Stánhout citace
  • Endnote/Zotero/Mendeley (RIS)
  • BibTeX

Číslo

Vol 4 No 2 (2015)

Sekce

Articles

Stats

Number of views and downloads: 1005
Number of citations: 0

Search

Search

Browse

  • Procházet index autorů
  • Issue archive

User

User

Aktuální číslo

  • Atom logo
  • RSS2 logo
  • RSS1 logo

Informace

  • Pro čtenáře
  • Pro autory
  • Pro knihovníky

Newsletter

Subscribe Unsubscribe

Jazyk

  • English
  • Deutsch
  • Język Polski
  • Español (España)
  • Italiano
  • Français (Canada)
  • Čeština
  • Français (France)
  • Hrvatski
  • Srpski
  • Українська

Tags

Search using one of provided tags:

central bank, monetary policy, macroprudential supervision, mechanisms of transmitting impulses of monetary policy

cross_check

The journal content is indexed in CrossCheck, the CrossRef initiative to prevent scholarly and professional plagiarism

Nahoru

Akademicka Platforma Czasopism

Najlepsze czasopisma naukowe i akademickie w jednym miejscu

apcz.umk.pl

Partners

  • Akademia Ignatianum w Krakowie
  • Akademickie Towarzystwo Andragogiczne
  • Fundacja Copernicus na rzecz Rozwoju Badań Naukowych
  • Instytut Historii im. Tadeusza Manteuffla Polskiej Akademii Nauk
  • Instytut Kultur Śródziemnomorskich i Orientalnych PAN
  • Instytut Tomistyczny
  • Karmelitański Instytut Duchowości w Krakowie
  • Ministerstwo Kultury i Dziedzictwa Narodowego
  • Państwowa Akademia Nauk Stosowanych w Krośnie
  • Państwowa Akademia Nauk Stosowanych we Włocławku
  • Państwowa Wyższa Szkoła Zawodowa im. Stanisława Pigonia w Krośnie
  • Polska Fundacja Przemysłu Kosmicznego
  • Polskie Towarzystwo Ekonomiczne
  • Polskie Towarzystwo Ludoznawcze
  • Towarzystwo Miłośników Torunia
  • Towarzystwo Naukowe w Toruniu
  • Uniwersytet im. Adama Mickiewicza w Poznaniu
  • Uniwersytet Komisji Edukacji Narodowej w Krakowie
  • Uniwersytet Mikołaja Kopernika
  • Uniwersytet w Białymstoku
  • Uniwersytet Warszawski
  • Wojewódzka Biblioteka Publiczna - Książnica Kopernikańska
  • Wyższe Seminarium Duchowne w Pelplinie / Wydawnictwo Diecezjalne „Bernardinum" w Pelplinie

© 2021- Nicolaus Copernicus University Accessibility statement Shop