Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/219020 
Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 31/2020
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint, as well as the states of the world in which the temptation for fiscal goals to dominate may be higher. Macroprudential policies that increase the demand for government bonds by banks directly lower the cost of rolling over public debt, but decrease lending, real activity, and tax collections. They lower the incidence and fiscal cost of a financial crisis, but they may make a fiscal crisis more likely.
Schlagwörter: 
financial crisis
sovereign default
diabolic loop
capital and liquidity regulation
JEL: 
E58
E62
G01
G28
H63
ISBN: 
978-3-95729-721-1
Dokumentart: 
Working Paper
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