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Balázs Zsámboki

17 June 2015
WORKING PAPER SERIES - No. 1812
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Abstract
In this study, we explore the relationship between certain structural features of the banking sectors in EU Member States and the performance of the respective banking sectors over the financial cycle. Using the financial cycle indicator developed by Stremmel (2015), we estimate the impact of the structural features of the banking sector on the amplitude of the financial cycle. Our results suggest that the concentration of the banking sector, the share of foreign banks, the size and stability of financial institutions, the share of foreign currency loans and financial inter-linkages contribute to the amplitude and hence the variability of financial cycles. This study provides important insights into the appropriate design of various structural and cyclical policy instruments as well.
JEL Code
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
30 April 2018
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 5
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Abstract
The European Commission’s proposals for the reform of EU banking rules aim to complete the post-crisis reform agenda and to address shortcomings in the current regulatory framework, notably in the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD IV). Once implemented, the changes will strengthen the regulatory architecture in the European Union, thereby contributing to the reduction of risks in the banking sector and paving the way for commensurate progress in completing the banking union. This article outlines and explains the ECB’s key messages concerning these proposals that are of particular importance for macroprudential regulation and policy. In particular, the ECB considers that the ongoing discussions on the CRR/CRD IV package provide the opportunity to make targeted changes to the macroprudential toolkit to make it more efficient and consistent. In the medium term, a comprehensive review of the macroprudential toolkit is still necessary to streamline procedures within the framework and to complement it with tools to address risks in the real estate and non-banking sectors.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
28 June 2021
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 13
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Abstract
This article provides an overview of the actions aimed at reducing or suspending banks’ distributions on a system-wide basis. It finds that such measures imply a number of pros and cons which deserve further analysis. On the one hand, system-wide restrictions on distributions complement and enhance the effectiveness of other public support measures, including prudential relief measures, by ensuring that the “freed-up” capital is used for the purposes of supporting the real economy and absorbing losses. Furthermore, system-wide measures simultaneously address adverse incentives to deleverage by removing the stigma effects associated with institution-specific restrictions. On the other hand, the implementation of system-wide restrictions on distributions presents several concomitant drawbacks and challenges. In particular, investors may be reluctant to invest in banks which are subject to restrictions, which may hamper banks ’ability to raise capital in the longer term. Other challenges include interference with the smooth functioning of the internal market and the possibility of the measures becoming less effective over time when introduced via soft-law instruments.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G35 : Financial Economics→Corporate Finance and Governance→Payout Policy