The stress tests were a major innovation growing out of the Global Financial Crisis (GFC). Their objective is to assure that banks have enough capital to allow them to continue to support the economy by making loans to households and businesses even after a severe adverse shock has hit the economy—in marked contrast to the experience of the GFC when sharp restrictions on credit availability through banks and markets made a bad economic situation much worse. In my talk, I will (a) take a deeper dive into the causes and consequences of procyclical risk‐based bank capital and the role the Financial Policy Committee at the Bank of England (FPC) envisions for the countercyclical capital buffer rate (CCyB), informed by stress tests, in countering this tendency, (b) discuss how the FPC has used the CCyB and stress tests in practice, and (c) end with some challenges for the research agenda that would help the FPC be even more efficient and effective.

中文翻译：

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压力测试和反周期资本缓冲：英国的经验

压力测试是全球金融危机（GFC）产生的一项重大创新。他们的目标是确保银行有足够的资本，即使在严重的不利冲击打击了经济之后，仍可以通过向家庭和企业提供贷款来继续支持经济。通过银行和市场获得信贷的情况使糟糕的经济状况更加恶化。在我的演讲中，我将（a）更深入地探讨基于顺周期风险的银行资本的成因和后果，以及英格兰银行（FPC）的金融政策委员会对反周期资本缓冲率（CCyB）的设想在压力测试的帮助下，为了应对这种趋势，（b）讨论了FPC在实践中如何使用CCyB和压力测试，