IMF-重新思考宏观审慎资本缓冲（英）

INTERNATIONAL MONETARY FUNDD E PA R T M E N TA L PA PE RMONETARY AND CAPITAL MARKETS DEPARTMENTRethinking Macroprudential Capital BuffersPrepared by Paavo Miettinen and Erlend Nier 2025INTERNATIONAL MONETARY FUNDMONETARY AND CAPITAL MARKETS DEPARTMENTDEPARTMENTAL PAPERRethinking Macroprudential Capital BuffersPrepared by Paavo Miettinen and Erlend NierCopyright ©2025 International Monetary FundCataloging-in-Publication DataIMF LibraryNames: Miettinen, Paavo, author. | Nier, Erlend, author. | International Monetary Fund, publisher. Title: Rethinking macroprudential capital buffers / Paavo Miettinen and Erlend NierOther titles: International Monetary Fund. Monetary and Capital Markets Department (Series).Description: Washington, DC : International Monetary Fund, 2025. | Includes bibliographical references.Identifiers: ISBN: 9798400292859 (paper) 9798400292897 (ePub) 9798400292873 (WebPDF)Subjects: LCSH: Capital—Accounting. | Banks and banking. | Economic policy.Classification: HF5681.C25.M5 2025 Acknowledgments The authors gratefully acknowledge guidance and feedback from Tobias Adrian and Chris Erceg.The paper also benefited from very useful comments and suggestions from Rachid Awad, Nina Biljanovska, Alina Carare, Ruo Chen, Eugenio Cerutti, Salih Fendoglu, Antonio Garcia Pascual, Karina Garcia, Dirk Jan Grolleman, Marco Gross, Vincenzo Guzzo, Chao He, Bikas Joshi, Fabiana Melo, Srobona Mitra, Paola Morales-Acevedo, Yibin Mu, Vina Nguyen, Julia Otten, Hiroko Oura, Lev Ratnovski, Kate Seal, Maria Soledad Martinez Peria, Laura Valderrama, Svetlana Vtyurina, Jim Walsh, and Seyed Reza Yousefi. The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430publications@IMF.orgIMFbookstore.orgelibrary.IMF.orgContentsExecutive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... vAcronyms and Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... vii1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 12. Lack of Buffers ahead of the COVID-19 Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 33. Positive Neutral Capital Buffers: Benefits and Costs . . . . . . . . .