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from securities transactions and a tax deduction in the amount of 13% p.a. Limitations on the amount of funds that a citizen may place

DANMARKS NATIONALBANK Quest for ROMP Eddie Gerba (Aguilar P., Fahr S., and Hurtado S.) St Petersburg 03-07-2019 GRUN DE L E ME N T E

A. Shirobokov, D. P. Tsomocos 29 / 37 What drives the dynamics? Endogenous Exogenous p,o a mon i,for ,sav me p,o a mon

RWA increase by 6-10%, no difference across distance • RWs increase by >6p.p. across all banks • Total assets are not affected Impact on Risk-taking by

the log level of per capita real GDP and are, P CPI , P PP , P EP respectively, the CPI, property and equity price peaks. A

estimation to mitigate the influence of outliers. Confidence levels: *** p<0.01, ** p<0.05, * p<0.1. Standard errors are clustered by country. Effects

Forward P/E ratio (12m), MSCI Russia vs MSCI EM Russia India Brazil Turkey MSCI Russia, lhs MSCI EM, lhs Russia to EM P/E

countries 8 8 8 8 Standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1 Cavallino and Sandri (BIS and IMF) ELB

40, 2016, 20-25; Bank of England, Financial Stability Report, 43, 2018. J.-P. Danthine, ‘Macroprudential policy in Switzerland: the first lessons’, speech delivered at the

Commodity Cycles and Financial Instability in Emerging Economies by M. Andreev, M. U. Peiris, A. Shirobokov, D. P. Tsomocos Discussion by Valery Charnavoki New Economic