期刊名称：CEMFI Working Papers / Centro de Estudios Monetarios y Financieros, Madrid
出版年度：2018
卷号：2018
页码：1-44
出版社：Centro de Estudios Monetarios y Financieros, Madrid
摘要：How far should capital requirements be raised in order to ensure a strong and resilient banking
system without imposing undue costs on the real economy? Capital requirement increases make
banks safer and are beneficial in the long run but carry transition costs because their imposition
reduces aggregate demand on impact. Under accommodative monetary policy, increasing capital
requirements addresses financial stability risks without imposing large transition costs on the
economy. In contrast, when the policy rate hits the lower bound, monetary policy loses the ability to
dampen the effects of the capital requirement increase on the real economy. The long-run benefits
of higher capital requirements are larger and the transition costs are smaller when the risk that
causes bank failure is high.
