20.500.12556/DKUM-90853 Macroprudential policy versus other economic policies After the global financial crisis of 2007, macroprudential policy instruments have gained in recognition as a crucial tool for enhancing financial stability. Monetary policy, fiscal policy, and microprudential policy operate with a different toolkit and focus on achieving goals other than the stability of the financial system as a whole. In ligh of this, a fourth policy – namely macroprudential policy – is required to mitigate and prevent shocks that could destabilize the financial system as a whole and compromise financial stability. The aim of this paper is to contrast macroprudential policy with other economic policies and explain why other economic policies are unable to attain financial stability, which in turn justifies the need for a separate macroprudential policy, the ultimate goal whereof is precisely financial stability of the financial system as a whole. Our research results based on the descriptive research method indicate that, in order to prevent future financial crises, it is indispensable to combine both the microprudential and the macroprudential approach to financial stability. This is because the causes of the crises are often such that they cannot be prevented or mitigated by relying only on microprudential or only on macroprudential policy instruments. macroprudential policy monetary policy microprudential policy financial stability makrobonitetna politika denarna politika mikrobonitetna politika finančna stabilnost true false true Institute of Economics Angleški jezik Slovenski jezik Znanstveno delo 2024-09-30 08:54:47 2024-09-30 09:16:51 2024-10-01 03:12:48 0000-00-00 00:00:00 2021 0 0 Str. 33-66 Št. 2 Letn. 23 dec. 2021 0000-00-00 Zaloznikova Objavljeno NiDoloceno 2021-03-29 2021-05-17 2021-12-15 330.1 90827523 10.15179/ces.23.2.2 1330-4860 Lorencic-2021-Macroprudential_Policy_Versus_Ot.pdf Lorencic-2021-Macroprudential_Policy_Versus_Ot.pdf 1 40B82E2ABBDB66F68C98A239FC1222F9 a11c544c528ddaf48c4dd94a7ad3af515160f800f61bfc08407e2849bab62fd7 b8ad91c1-7efb-11ef-8e23-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=186024 https://doi.org/10.15179/ces.23.2.2 0 c9a5d466-7efb-11ef-8e23-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=186025 Ekonomsko-poslovna fakulteta 0 0 0