|Tipo di tesi||Tesi di laurea magistrale|
|Titolo||Macroprudential Policy (MAP) in Europa|
|Titolo in inglese||Macroprudential Policy (MAP) in Europe|
|Struttura||Dipartimento di Economia "Marco Biagi"|
|Corso di studi||Analisi, consulenza e gestione finanziaria (D.M.270/04)|
|Data inizio appello||2018-12-13|
|Disponibilità||Accesso limitato: si può decidere quali file della tesi rendere accessibili. Disponibilità mixed (scegli questa opzione se vuoi rendere inaccessibili tutti i file della tesi o parte di essi)|
|Data di rilascio||2058-12-13|
L’obiettivo della tesi è quello di fornire un’analisi della politica macroprudenziale (MAP) a livello Europeo, con una particolare attenzione alle istituzioni comunitarie e nazionali coinvolte nella sua elaborazione e agli strumenti previsti.
The dissertation’s objective is to produce an analysis of the macroprudential policy (MAP) at the European level, with a particular focus on European Union (EU) and national institutions involved in its development and in the instruments provided for. Macroprudential policy can be briefly represented by the set of supervisory rules and instruments aimed at safeguarding the whole financial system’s stability, unlike (and as a complement to) microprudential policies, aimed at regulating individual financial intermediaries. Need for stability in the financial system became particularly important with the outbreak of the subprime mortgage crisis, which showed a lack of awareness on the part of financial market’s operators towards the emergence of a systemic risk and highlighted microprudential regulation’s inability to ensure a smooth system’s operation. In order to avoid situations in which a block of trade compromises intermediaries’ liquidity and solvency, to the point of involving entire markets and individuals’ savings and investments, entities with effective powers and tools are needed, so as to identify and mitigate potential vulnerabilities and risks which the whole financial system is subject to. The first chapter presents macroprudential policy aspects prior to the crisis, the origin of the term "macroprudential" and the widening of authorities’ attention from single institutions towards the interaction between them and the general risk that all a market’s participants share. The main regulatory gaps highlighted by the crisis are illustrated, namely the lack of macroprudential policies and authorities aimed at identifying, preventing and mitigating systemic risk through specific tools. The main recommendations that have been drawn up in the so-called “de Larosière Report” in order to improve regulation and supervision and to ensure trust in the financial system are then set out. The second chapter deals with innovations introduced in the EU following the crisis, showing the EU regulatory and supervisory authorities’ framework and their objectives. Particular attention is paid to the role of the European Systemic Risk Board (ESRB): central body within the European macroprudential regulatory framework. ESRB’s powers and mechanisms through which it operates and its role after the creation of the Single Supervisory Mechanism (SSM) are analysed. Then, the main policy instruments are presented together with a discussion on their effectiveness and on the current regulatory and supervisory system, which is marked by complexities and uncertainties typical of financial markets, and aimed at facing challenges in previously unexplored areas. The third chapter shows the most recent macroprudential policy decisions taken by national supervisory authorities in the EU. Among the instruments activated, particular attention is given to the Countercyclical Capital Buffer (CCyB), whose aim is to increase banking system’s resilience in the event of a financial crisis by providing that banks set aside capital in good times and allowing them to use this capital in times of financial stress. After some considerations on the current EU macroprudential policies’ situation, the chapter examines the main decisions on the matter adopted in recent years by some member States (Italy, Spain and Germany), by a Nation that is about to leave the EU (United Kingdom) and by a non-EU Country (Norway).