国际货币基金组织：2025年重新思考宏观审慎资本缓冲报告（英文版）

Growing experience since the global financial crisis suggests that there is benefit to both advanced and emerging economies from having releasable capital buffers. Building such buffers in normal times enables policymakers to support lending in the face of shocks irrespective of whether stress was preceded by excessive credit growth. We explore key issues arising in operating such a framework, including when, and to what levels, buffers should be built, when they should be released, and how a