Gianni De Nicolò, Giovanni Favara and Lev Ratnovski 詹尼地尼古拉斯·favara和活ratnovski.pdf

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1、IMFSTAFFDISCUSSIONNOTEJune7,2012SDN/12/05EXTERNALITIESANDMACROPRUDENTIALPOLICYGianniDeNicolò,GiovanniFavaraandLevRatnovskiINTERNATIONALMONETARYFUNDINTERNATIONALMONETARYFUNDResearchDepartmentExternalitiesandMacroprudentialPolicyPreparedbyGianniDeNicolò,GiovanniFavaraandLevRatnovski1Authorizedfor

2、distributionbyOlivierBlanchardJune7,2012DISCLAIMER:ThisStaffDiscussionNoterepresentstheviewsoftheauthorsanddoesnotnecessarilyrepresentIMFviewsorIMFpolicy.TheviewsexpressedhereinshouldbeattributedtotheauthorsandnottotheIMF,itsExecutiveBoard,oritsmanagement.StaffDiscussionNotesarepublishedtoelici

3、tcommentsandtofurtherdebate.JELClassificationNumbers:G20,G28,E32Keywords:Externalities,systemicrisk,macroprudentialpolicygdenicolo@imf.org;gfavara@imf.org;Authors’E-mailAddresses:lratnovski@imf.org1WewouldliketothankOlivierBlanchard,StijnClaessens,GiovanniDell’Ariccia,AntonKorinek,LucLaeven,and

4、internalreviewersforusefulcommentsandsuggestionsandHelenHwangforassistance.ThispaperispartofaseriesofStaffDiscussionandPolicyNoteswrittenintheMacroFinancialUnitoftheResearchDepartmentonPoliciesforMacrofinancialStability.2ContentsPageExecutiveSummary..............................................

5、.....................................................................3I.Introduction............................................................................................................................4II.MicroandMacroprudentialRegulation..................................................

6、..............................6III.Externalities.........................................................................................................................7A.ExternalitiesRelatedtoStrategicComplementarities..............................................7B.ExternalitiesRelatedtoFire

7、Sales............................................................................8C.ExternalitiesRelatedtoInterconnectedness..............................................................9IV.Policies................................