ECB issues latest macro-prudential bulletin
Papers look at second order effects of financial shock, de-risking and high-frequency trades
The European Central Bank (ECB) published the second issue of its macro-prudential bulletin on October 25, with its three chapters looking at different aspects of macro-prudential theory and practice.
The first chapter outlines how the recent European Union-wide stress test, conducted by the European Banking Authority, could be extended to model the "second round" effects of a financial sector shock. The model builds on a 2015 paper by ECB vice-president Vítor Constâncio to look at the effects
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