BoE research examines links between channels of macro-prudential policy

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Macro-prudential policy operates through two main channels, and the effects are closely linked, according to a financial stability paper published today by the Bank of England (BoE).

The paper – How could macroprudential policy affect financial system resilience and credit?, by Julia Giese, Benjamin Nelson, Misa Tanaka and Nikola Tarashev – draws conclusions from existing literature on transmission channels. An allocation channel operates through direct constraints placed on banks' balance

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