Macroprudential supervision: from theory to policy. Bruegel Working Paper 2015/15, November 2015

While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy

Macroprudential Supervision

Financial supervision focuses on the aggregate (macroprudential) in addition to the individual (microprudential). But an agreed framework for measuring and addressing financial imbalances is lacking. We propose a holistic approach for the financial system as a whole, beyond banking. Building on our model of financial amplification, the financial cycle is the key variable for measuring financial imbalances. The cycle can be curbed by leverage restrictions that might vary across countries. We make concrete policy proposals for the design of macroprudential instruments to simplify the current framework and make it more consistent

What do we Know About the Effects of Macroprudential Policy, De Nederlandsche Bank Working

Abstract The literature on the effectiveness of macroprudential policy tools is still in its infancy and has so far provided only limited guidance for policy decisions. In recent years, however, increasing efforts have been made to fill this gap. Progress has been made in embedding macroprudential policy in theoretical models. There is increasing empirical work on the effect of some macroprudential tools on a range of target variables, such as quantities and prices of credit, asset prices, and on the amplitude of the financial cycle and financial stability. In this paper we review recent progress in theoretical and empirical research on the effectiveness of macroprudential instruments. Keyword

An international multi-center investigation on the accuracy of radionuclide calibrators in nuclear medicine theragnostics

Background: Personalized molecular radiotherapy based on theragnostics requires accurate quantification of the amount of radiopharmaceutical activity administered to patients both in diagnostic and therapeutic applications. This international multi-center study aims to investigate the clinical measurement accuracy of radionuclide calibrators for 7 radionuclides used in theragnostics: 99mTc, 111In, 123I, 124I, 131I, 177Lu, and 90Y. Methods: In total, 32 radionuclide calibrators from 8 hospitals located in the Netherlands, Belgium, and Germany were tested. For each radio

Fiscal rules and fiscal outcomes in EMU : theory and evidence

This thesis investigates the effects of supranational and national fiscal rules on fiscal outcomes in EMU. We investigate intended effects of the rules as well as circumventing behaviour in the form of shifts towards unconstrained forms of fiscal policy. The study is motivated by the strong increase in the reliance on fiscal rules - both at supranational and national level - during the 1990s and the existing controversy about the effectiveness of fiscal rules. Its contributions include new evidence on the effects of the preventive part and the debt rule of the EU fiscal framework on fiscal outcomes, and the measurement of the institutional design of national fiscal rules and analysis of their effects on fiscal outcomes.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

How credible are multiannual budgetary plans in the eu?

We investigate the track record of multiannual budgetary plans of EU Member States formulated in the Stability and Convergence Programmes and updates. The study is based on the analysis of an original database summarising the main macroeconomic and budgetary variables projected by the Member States in their Programmes under the original SGP. Results show that the failure to achieve the projected reductions in the general government deficit reflects primarily difficulties to adhere to expenditure plans in nominal terms. This does not seem to be due to particularly unfavourable macroeconomic developments, but rather to the difficulties of EU countries to implement the reforms which would have been necessary to respect the ambitious expenditure targets. On the revenue side, negative growth surprises have been relevant, but the effect is less important. Overall, conclusions point to a need for strengthening expenditure control mechanisms in most of the EU Member States

Financial Supervision: Which Model for Europe?

Increasing integration within the European Union (EU) gives rise to cross-border spill-over effects or externalities. The present national based system of financial supervision does not incorporate theseexternalities. Assessing the degree of integration, we find that the EU has not yet a fully integrated financial market. But if and when the process of integration is nearing completion, policy-makers willneed to consider moving to European solutions.How to choose an appropriate supervisory model for Europe? Responding to the trend of cross-sector integration, two main models have emerged: a functional model (separate supervisors for prudentialsupervision and conduct of business) and an integrated model (a single supervisor). The jury is still out on which model performs better (e.g. in weathering a financial crisis). We propose to apply some degree of model competition to facilitate the discovery of the best model.Finally, we explore the question of the appropriate policy stance for financial supervision in Europe.� Key elements of such a policy stance are supervisory skills, market discipline and private-sector control. Policy standards could be further developed via benchmarking of best practices within the new Lamfalussy framework.