Series: Occasional Papers. 2431.
Author: Mariya Melnychuk and Javier Mencía.
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Abstract
We propose a taxonomy of systemic risks relevant for economic growth, with a particular focus on those impairing the normal functioning of the financial system. We also discuss the variety of existing policies – micro- and macroprudential, fiscal and monetary – to address them. Additionally, we analyse their potential combinations and how they can be enhanced under the established governance frameworks. Finally, we review the experience of recent systemic events at the global level and provide descriptive evidence that illustrates how the different policies were used and combined in dealing with these systemic crises.