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Analysis of macroprudential policy approaches in the practice of the Czech Republic
[Analýza přístupů makroobezřetnostní politiky v praxi ČR]

Author

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  • Naďa Blahová

Abstract

The article deals with the analysis and evaluation of the application of macroprudential policy in the Czech Republic after five years of experience in identifying sub macroprudential objectives and selecting appropriate tools. It compares the recommended methodology of the European Systemic Risk Board with the methodology applied by the Czech National Bank. Selected sources of instability and corresponding tools for analysis are divided into two groups. The first group consists of tools that its significance and impact are subject to great discussion. It is a countercyclical capital reserve and risk management of retail loans secured by residential real estate. The second group of instruments represents a capital reserve to cover systemic risk and capital reserve for systemically important banks, methods for reducing the concentration of sovereign exposures and safety capital reserve.

Suggested Citation

  • Naďa Blahová, 2019. "Analysis of macroprudential policy approaches in the practice of the Czech Republic [Analýza přístupů makroobezřetnostní politiky v praxi ČR]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2019(4), pages 31-55.
    • Handle: RePEc:prg:jnlcfu:v:2019:y:2019:i:4:id:538:p:31-55
    DOI: 10.18267/j.cfuc.538
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    References listed on IDEAS

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    1. Schüler, Yves Stephan & Hiebert, Paul P. & Peltonen, Tuomas A., 2015. "Characterising the financial cycle: A multivariate and time-varying approach," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112985, Verein für Socialpolitik / German Economic Association.
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    6. Borio, Claudio, 2014. "The financial cycle and macroeconomics: What have we learnt?," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 182-198.
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    More about this item

    Keywords

    Macroprudential policy; Capital reserves; Countercyclical capital reserve; Morgage market; Residential real estate; Makroobezřetnostní politika; Kapitálové rezervy; Proticyklická kapitálová rezerva; Hypoteční trh; Rezidenční nemovitost;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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