The Central Bank’s Role in Macroprudential Supervision (
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The article focuses on the central bank’s newly acknowledged responsibility for macroprudential policy. The new architecture of financial markets, including macroprudential supervision is being developed. This is the consequence of the shortcomings revealed in the few past years. The goal of this article is to analyze the central bank’s position in macroprudential supervision and to analyze the interdependences between monetary and macroprudential policy. The first part of the text focuses on the central bank’s goals before and after the crisis, especially on the financial stability. It describes the pros and cons of attributing the additional goal (financial stability) to the central bank. The second part of the text presents correlated model of monetary and macroprudential policy. It discusses the central bank’s augmented reaction function and the interest rate as the possible, additional macroprudential policy tool. As the macroprudential supervision frameworks are still being developed, there is no simple solution of the problems described in the article. Dominating approach says that monetary and macroprudential policy should be under one roof, at the central bank and that they both will contribute to cycles smoothing via achieving price stability or financial stability.
Authors and Affiliations
Wiesława Przybylska-Kapuścińska, Magdalena Szyszko
Keywords
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