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A taxonomy of macro-financial risks and policies to address them

Author

Listed:
  • Mariya Melnychuk

    (Banco de España)

  • Javier Mencía

    (Banco de España)

Abstract

We propose a taxonomy of systemic risks relevant for economic growth, with a particular focus on those impairing the normal functioning of the financial system. We also discuss the variety of existing policies – micro- and macroprudential, fiscal and monetary – to address them. Additionally, we analyse their potential combinations and how they can be enhanced under the established governance frameworks. Finally, we review the experience of recent systemic events at the global level and provide descriptive evidence that illustrates how the different policies were used and combined in dealing with these systemic crises.

Suggested Citation

  • Mariya Melnychuk & Javier Mencía, 2014. "A taxonomy of macro-financial risks and policies to address them," Occasional Papers 2431, Banco de España.
    • Handle: RePEc:bde:opaper:2431
    DOI: https://doi.org/10.53479/37833
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    More about this item

    Keywords

    policy effectiveness; systemic crises; policy space;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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