How do institutional settings condition the effect of macroprudential policies on bank systemic risk?
研究了OECD国家中制度特征如何影响宏观审慎政策降低系统性风险的效果，发现高质量制度、严格资本要求和适度监管能增强政策效力，且不同政策工具效果受制度框架影响。
This paper investigates the impact of different country-traits of the effects of macroprudential policies on systemic risks in OECD countries. The analysis documents that institutional quality, high capital stringency, and moderate supervision support macroprudential policies in mitigating systemic risks, depending on macroprudential instruments in force. Institutional, regulatory and supervisory frameworks differently affect the effectiveness of lender- vis-à-vis borrower-targeted policies.