This paper empirically examines the moderating role of country-level governance indicators (CGIs) in the relationship between macro-prudential policy instruments (MPI) and systemic risk. Results from 68 countries, during the period 2000–2017, show that CGIs in terms of corruption controls, government effectiveness, regulatory quality, and rule of law play a negative moderating role in the MPI-systemic risk nexus. Countries scoring high (low) on these CGIs experience stability benefits (instability costs) from MPIs. These findings suggest that the mere implementation of macro-prudential regulations may not perform the intended function of systemic stability. Overall, institutional development in a country’s governance ecosystem is necessary; hence, a coordinated effort is required from all the stakeholders of the country.

本文实证检验了国家层面治理指标（CGI）在宏观审慎政策工具（MPI）与系统性风险之间关系中的调节作用。2000年至2017年期间68个国家的结果表明，CGI在腐败控制、政府效率、监管质量和法治方面在MPI-系统性风险关系中发挥着负调节作用。在这些 CGI 上得分高（低）的国家从 MPI 中获得了稳定性收益（不稳定成本）。这些发现表明，仅仅实施宏观审慎监管可能无法发挥系统稳定的预期功能。总体而言，一国治理生态系统的制度建设是必要的；因此，需要该国所有利益攸关方共同努力。