Putting Macroprudential Policy to Work
The great financial crisis of 2007-2009 again illustrated the enormous costs of financial imbalances. Since the crisis, advanced economies have suffered a cumulative output loss of 33% relative to its pre-crisis, an increase in public debt amounting to 21% of GDP and direct fiscal costs totalling around 4% of GDP. These losses demonstrate the need for macroprudential measures that reduce the incidence and impact of systemic crises. This need has been acknowledged by economists and policymakers alike, and much has been written on the theory of macroprudential policy. Now the time has come to put these insights to work. To bring together key players in this new policy arena, DNB organized a high-level seminar on 10 june 2014; the speakers' contributions are bundled in this Occasional Study.
Year of publication: |
2014-10
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Authors: | Houben, Aerdt ; Nijskens, Rob ; Teunissen, Mark |
Institutions: | de Nederlandsche Bank |
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