연구정보
[경제] Macroprudential Policy, Bank Competition and Bank Risk in East Asia
동남아시아 일반 국외연구자료 연구보고서 - NIES 발간일 : 2021-12-07 등록일 : 2022-03-13 원문링크
Macroprudential policy – regulatory adjustment across the whole financial sector – has been widely used since the subprime crisis but its economic effects are only gradually being assessed in the research literature. This is to our knowledge the first paper to estimate the degree to which competition among banks affects the risk-reduction effect of macroprudential policy. We focus on banks in East Asian countries that have used such policies for much longer than in most other regions. We find that the effect of such policies varies according to the degree of market power a bank has. Uncompetitive banks may have more scope to avoid such policies by risk shifting, notably in less developed markets. The outcome of our paper warrants close attention by regulators.
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