PhD in Economics – Paris 1 Panthéon-Sorbonne University/PSE/ Labex Refi (2012-2015)
Dissertation: Essays on central banking and macroprudential policy
Advisor: Pr. Jézabel Couppey-Soubeyran
Research interests: Macroprudential policy; Central banking; Banking regulation; Monetary and Financial Economics,
Salim Dehmej is an Economist Researcher at the Central Bank of Morocco (Bank Al-Maghrib). He published several articles in International Economics, Revue Economique and Revue d’Economie Politique.
“The aim of this thesis, composed of four academic papers, is to apply empirical and theoretical analyses to study the involvement of central banks in financial stability – confidence in the financial system’s ability to facilitate allocation of economic resources, manage risks, and withstand shocks – and to discuss their recent macroprudential responsibilities. The global financial crisis (GFC) shifted the perspective of financial regulation – rules that financial institutions have to comply with in order to ensure effective risk management and to withstand financial shocks – and supervision – ensuring that financial institutions follow these rules – from a microprudential perspective based on the resilience of individual institutions to a macroprudential (henceforth “MaP”) perspective. The MaP perspective takes into account the interactions of financial institutions, the externalities related to their decisions, and also the effects of the financial cycle on central bank policy and financial stability. This thesis analyses the policy mix of monetary and macroprudential policies which both have an impact on price stability and financial conditions and which operate through common or overlapping channels. A particular focus is given to the role of MaP policy in heterogeneous monetary union such as the Eurozone – where countries are experiencing different macroeconomic conditions – in terms of financial and macroeconomic stabilisation. Since a single interest rate is unlikely to fit circumstances in all countries, MaP policy could compensate the lack of autonomous monetary policy in each country as both policies share many transmission channels. This enhances the optimality’s degree of the currency area.”