The effects of prudential policy measures on financial stability in post-transition countries

Mario Pecaric; Josip Viskovic

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The effects of prudential policy measures on financial stability in post-transition countries

机译：审慎政策措施对过渡后国家金融稳定的影响

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The empirical research of prudential measures effectiveness is still scarce, especially for central and southeast European countries. The aim of this paper is to analyze the effects of prudential policy on financial stability of post-transition bank-oriented countries using panel data analysis approach. Using the sample of central and southeast European countries for the period 1998 - 2010, we found that these measures generally reduce the level of non-performing loans, increase the level of profitability, partially affect banking system liquidity, but do not improve credit to deposit ratio. We point out two main conclusions: (1) prudential measures positively affect banking system stability expressed through financial stability indicators; (2) prudential measures represent important instrument of a central bank orchestra.

机译：谨慎措施有效性的实证研究仍然很少，特别是对于中欧和东南欧国家。本文的目的是使用面板数据分析方法分析审慎政策对过渡后银行主导国家金融稳定性的影响。使用1998年至2010年期间的中欧和东南欧国家样本，我们发现这些措施通常可以减少不良贷款的水平，提高利润率，部分影响银行系统的流动性，但并不能改善存款信贷比。我们指出两个主要结论：（1）审慎措施通过金融稳定指标对银行体系的稳定产生积极影响; （2）审慎措施是央行乐团的重要工具。

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《Zbornik radova Ekonomskog fakulteta u Rijec》 |2013年第1期|共26页
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Mario Pecaric; Josip Viskovic;
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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。

The effects of prudential policy measures on financial stability in post-transition countries

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