Bank Capital Regulation, Economic Stability, and Monetary Policy: What Does the Academic Literature Tell Us?

David D. VanHoose

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Bank Capital Regulation, Economic Stability, and Monetary Policy: What Does the Academic Literature Tell Us?

机译：银行资本监管，经济稳定性和货币政策：学术文献告诉我们什么？

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This paper surveys academic research exploring the macroeconomic and monetary policy implications of the Basel Ⅰ and Basel Ⅱ systems of risk-based capital requirements. This research indicates that regulatory tightening of capital ratios can generate aggregate shocks, that capital regulation can enhance the procyclicality already inherent in banking, and that capital requirements can influence macroeconomic outcomes and alter the monetary policy transmission mechanism. The paper offers suggestions for future avenues of research on the interplay between bank capital regulation, the economy, and monetary policymaking.

机译：本文对学术研究进行了调查，以探索基于风险的资本要求的巴塞尔协议Ⅰ和巴塞尔协议Ⅱ对宏观经济和货币政策的影响。这项研究表明，监管机构对资本比率的收紧可能会产生总体冲击，资本监管可以增强银行业已经固有的顺周期性，并且资本需求可以影响宏观经济结果并改变货币政策的传导机制。本文为银行资本监管，经济与货币政策制定之间相互作用的未来研究途径提供了建议。

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《Atlantic economic journal》 |2008年第1期|p.1-14|共14页
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David D. VanHoose;
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机译：脆弱的银行的资本监管和货币政策
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3. MONETARY POLICY AND ANTI-CYCLICAL BANK CAPITAL REGULATION [J] . Aliaga-Diaz Roger, Olivero Maria Pia, Powell Andrew Economic inquiry . 2018,第2期

机译：货币政策和反循环银行资本监管
4. On Active Central Bank Tactics-Develop Capital Market and Strengthen Monetary Policy in Validity [C] . YUE Zhongxian, XU Qiang The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)论文集 . 2008

机译：积极的央行策略-发展资本市场，强化货币政策有效性
5. Essays on Banking Regulation, International Capital Flows, Monetary Policy Coordination, and Corporate Finance. [D] . Schroth, Josef. 2011

机译：关于银行业监管，国际资本流动，货币政策协调和公司融资的论文。
6. Competition capital growth and risk-taking in emerging markets: Policy implications for banking sector stability during COVID-19 pandemic [O] . Miroslav Mateev, Muhammad Usman Tariq, Ahmad Sahyouni, 2021

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Bank Capital Regulation, Economic Stability, and Monetary Policy: What Does the Academic Literature Tell Us?

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