Nistor, S., Ongena, S. (2024). Capital Requirements: Why, How High, Increasing them, Alternatives? Swiss Finance Institute Public Discussion Note, 2024. Available at: https://www.sfi.ch/en/publications/bank-capital-requirements.
Capital requirements are one of the prime tools wielded by policymakers in the banking sector. In this SFI Public Discussion Note, we discuss the raison d'être for these requirements, how they are currently implemented, what the consequences may be of increasing them, and what alternative tools policymakers could use to reach their objectives. We conduct a thorough review of the academic literature, highlighting both well-established theoretical models and empirical findings, while also identifying ongoing fields of research. We present the underlying mechanisms of capital requirements from both micro and macro perspectives, and then differentiate between their static and dynamic dimensions, providing examples and referencing relevant literature throughout.
Read the SFI Public Discussion Note in English | French | German | Italian
Comitetul Național pentru Supravegherea Macroprudențială (2025). Analiza grupului de lucru CNSM privind programele guvernamentale de garantare a creditelor. CNSM, 2025. https://www.cnsmro.ro/publicatii/studii-si-analize/analiza-grupului-de-lucru-cnsm-privind-programele-guvernamentale-de-garantare-a-creditelor/
This report, elaborated by members of the Working Group of the National Committee for Macroprudential Oversight (CNSM), shows that Romania’s credit guarantee framework requires a more coherent and integrated approach to avoid policy overlap and enhance economic impact. It highlights the need for closer coordination between public institutions, banks, and the private sector, supported by standardized instruments and measurable performance indicators. The Investment and Development Bank (Banca de Investitii si Dezvoltare - BID) is expected to play a pivotal role in mobilizing private capital, addressing market inefficiencies, and implementing targeted guarantee and co-financing schemes aligned with national priorities. Enhancing investment flexibility, including greater use of domestic savings such as pension funds, could further stimulate venture capital and capital-market development. Timely implementation would reinforce financial stability, spur private investment, and advance Romania’s green and digital transitions.