摘要:The global financial crisis of 2007–09 has spurred a renewed interest in the use of macroprudential policy tools. Indeed, the Basel III regulatory framework developed in the aftermath of the crisis features several such tools, including a macroprudential capital surcharge, a countercyclical capital buffer, and a liquidity requirement.1 Following the impetus provided by the G20’s November 2008 communiqu´e, international bodies including the International Monetary Fund, the Financial Stability Board, and the Committee for Global Financial Stability issued a series of studies developing macroprudential policy frameworks.