Is resilience enough? The macroprudential reform agenda and the lack of smoothing of the cycle
Is resilience enough? The macroprudential reform agenda and the lack of smoothing of the cycle
复制标题
韧性够吗？
DOI：
10.1111/padm.12551
复制
发表时间：
2018
影响因子：
3.5
通讯作者：
M. Thiemann
中科院分区：
文献类型：
--
作者：
M. Thiemann
金融危机后，各国央行受托实施一项雄心勃勃的宏观审慎改革议程。其目标可以说是双重的，既要增强金融体系的韧性，又要降低金融周期的波幅。十年后，《议程》的实施以寻求提高金融体系韧性的措施为特征，而平滑周期的工具则被相当程度地搁置一边。为了解释实施努力中的这种差异，本文将概念学术与声誉理论的分析立场结合起来，分析了美联储、英国央行和欧洲央行政策制定者之间关于宏观审慎战略的技术官僚辩论。白皮书指出，与酌情干预的必要性相关的声誉担忧、周期概念不确定的科学地位以及缺乏衡量标准是令人担忧的原因，导致大多数央行回避强行实施这一政策目标。
After the financial crisis, central banks were entrusted with implementing an ambitious macro‐prudential reform agenda. The goal was arguably twofold, to increase the resilience of the financial system and to lower the amplitudes of the financial cycle. A decade later, the implementation of the agenda is characterized by the pursuit of measures to raise the resilience of the financial system, while tools to smoothen the cycle have been rather sidelined. To explain this difference in implementation efforts, the paper combines ideational scholarship with the analytical stance of reputational theory and analyzes the technocratic debate over macroprudential strategy among policy‐makers of the Fed, the BoE and the ECB. The paper identifies reputational concerns linked to the need for discretionary interventions, the uncertain scientific status of the concept of the cycle and missing metrics as causes for concern, leading most central banks to shy away from forcefully implementing this policy goal.