makroprudenssia

Makroprudenssia, often translated as macroprudential policy, refers to the use of regulatory tools to mitigate systemic risk in the financial system. Unlike microprudential policy, which focuses on the safety and soundness of individual financial institutions, macroprudential policy aims to ensure the stability of the entire financial system and the broader economy.

The core idea behind macroprudential policy is to prevent the build-up of excessive risk across the financial sector that could lead to a crisis. This involves identifying and addressing vulnerabilities that can arise from the interconnectedness of financial institutions, procyclicality (the tendency for financial and economic systems to amplify booms and busts), and the buildup of leverage.

Tools used in macroprudential policy can include capital buffers that can be increased during good times and released during downturns, limits on loan-to-value ratios for mortgages, debt-to-income limits, and countercyclical capital requirements. These measures are designed to curb excessive credit growth and leverage when the financial system appears to be overheating, thereby preventing the accumulation of risks that could later destabilize the system.

The development of macroprudential policy gained significant traction following the global financial crisis of 2008, which highlighted the limitations of a purely microprudential approach. International bodies like the Financial Stability Board (FSB) and the International Monetary Fund (IMF) have played a key role in promoting and coordinating macroprudential frameworks globally. The effectiveness and optimal calibration of these policies remain subjects of ongoing research and debate.