Czech research examines macroprudential policy in small economies
Macro-prudential policy in small European Union economies should focus primarily on cyclically induced sources of systemic risks, according to a research and policy note published by the Czech National Bank yesterday.
The paper – Macro-prudential Policy and its Instruments in a Small EU Economy, by Jan Frait and Zlatuše Komárková – identifies two dimensions to systemic risk: a time and a cross-sectional dimension.
In a "bank-based" economy with a "relatively simple and small financial sector"
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