Experiences With Macroprudential Policy Five Case Studies

Author : Mr.Salim M. Darbar,Mr.Xiaoyong Wu
Publisher : International Monetary Fund
Page : 41 pages
File Size : 50,5 Mb
Release : 2015-06-19
Category : Business & Economics
ISBN : 9781513500812

Get Book

Experiences with Macroprudential Policy—Five Case Studies by Mr.Salim M. Darbar,Mr.Xiaoyong Wu Pdf

This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the tools have been used. The paper shows how macroprudential policy is conducted under a heterogeneous set of institutional frameworks. In all cases macroprudential tools have been used to address risks in the housing market. In addition, some of them have moved to enhance the resilience of their banks to more general cyclical and structural risks.

Author : Salim M. Darbar
Publisher : Unknown
Page : 69 pages
File Size : 53,6 Mb
Release : 2015
Category : Electronic
ISBN : 1513501003

Get Book

Experiences with Macroprudential Policy-Five Case Studies by Salim M. Darbar Pdf

This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the tools have been used. The paper shows how macroprudential policy is conducted under a heterogeneous set of institutional frameworks. In all cases macroprudential tools have been used to address risks in the housing market. In addition, some of them have moved to enhance the resilience of their banks to mor.

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 64 pages
File Size : 55,5 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341714

Get Book

Key Aspects of Macroprudential Policy - Background Paper by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.

Author : Ulrich Volz,Peter J. Morgan,Naoyuki Yoshino
Publisher : Routledge
Page : 534 pages
File Size : 51,7 Mb
Release : 2018-10-26
Category : Business & Economics
ISBN : 9781134862078

Get Book

Routledge Handbook of Banking and Finance in Asia by Ulrich Volz,Peter J. Morgan,Naoyuki Yoshino Pdf

The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 50,5 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030

Get Book

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by Otaviano Canuto,Swati Ghosh Pdf

This book deals with the challenges of macro financial linkages in the emerging markets.

Author : Zohair Alam,Mr.Adrian Alter,Jesse Eiseman,Mr.R. G Gelos,Mr.Heedon Kang,Mr.Machiko Narita,Erlend Nier,Naixi Wang
Publisher : International Monetary Fund
Page : 57 pages
File Size : 55,9 Mb
Release : 2019-03-22
Category : Business & Economics
ISBN : 9781498304788

Get Book

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database by Zohair Alam,Mr.Adrian Alter,Jesse Eiseman,Mr.R. G Gelos,Mr.Heedon Kang,Mr.Machiko Narita,Erlend Nier,Naixi Wang Pdf

This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.

Author : GASTON. SAHAY GELOS (RATNA.)
Publisher : International Monetary Fund
Page : 2040 pages
File Size : 49,9 Mb
Release : 2023
Category : Electronic
ISBN : 9798400211263

Get Book

SHOCKS AND CAPITAL FLOWS by GASTON. SAHAY GELOS (RATNA.) Pdf

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 20 pages
File Size : 47,6 Mb
Release : 2016-04-06
Category : Business & Economics
ISBN : 9781484316672

Get Book

IMF Research Bulletin, March 2016 by International Monetary Fund. Research Dept. Pdf

The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are “Explaining the Recent Slump in Investment” (Mathieu Bussiere, Laurent Ferrara, and Juliana Milovich) and “The Quest for Stability in the Housing Markets” (Hites Ahir). The Q&A column reviews “Seven Questions on Estimating Monetary Transmission Mechanism in Low-Income Countries” (Bin Grace Li, Christopher Adam, and Andrew Berg). Also included in this issue are updates on the IMF’s official journal, the IMF Economic Review, and recommended readings from IMF Publications.

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 78 pages
File Size : 51,5 Mb
Release : 2016-12-10
Category : Business & Economics
ISBN : 9781498345200

Get Book

Tax Policy, Leverage and Macroeconomic Stability by International Monetary Fund. Fiscal Affairs Dept. Pdf

Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 67 pages
File Size : 42,8 Mb
Release : 2016-05-19
Category : Business & Economics
ISBN : 9781475556643

Get Book

Algeria by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This paper develops a structural macroeconomic model for Algeria that can help inform the discussion of the policy choices faced by the authorities. The model captures the core dynamics of Algeria’s macro-economy and provides an organizing framework for forecasting and policy analysis that can facilitate an assessment of the optimal policy responses to oil shocks and the implications for macroeconomic stability. This paper also examines Algeria’s main subsidies and proposes reform strategies, drawing on cross-country experiences, and discusses the channels through which a prolonged period of low oil prices may affect the banking sector, together with the policies needed to mitigate emerging financial stability risks.

Author : Mr.Seung M Choi,Ms.Laura E. Kodres,Jing Lu
Publisher : International Monetary Fund
Page : 44 pages
File Size : 49,7 Mb
Release : 2018-01-23
Category : Business & Economics
ISBN : 9781484338735

Get Book

Friend or Foe? Cross-Border Linkages, Contagious Banking Crises, and “Coordinated” Macroprudential Policies by Mr.Seung M Choi,Ms.Laura E. Kodres,Jing Lu Pdf

This paper examines whether the coordinated use of macroprudential policies can help lessen the incidence of banking crises. It is well-known that rapid domestic credit growth and house price growth positively influence the chances of a banking crisis. As well, a crisis in other countries with high trade and financial linkages raises the crisis probability. However, whether such “contagion effects” can operate to reduce crisis probabilities when highly linked countries execute macroprudential policies together has not been fully explored. A dataset documenting countries’ use of macroprudential tools suggests that a “coordinated” implementation of macroprudential policies across highly-linked countries can help to stem the risks of widespread banking crises, although this positive effect may take some time to materialize.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 18 pages
File Size : 52,7 Mb
Release : 2015-09-25
Category : Business & Economics
ISBN : 9781513592428

Get Book

IMF Research Bulletin, September 2015 by International Monetary Fund. Research Dept. Pdf

The September 2015 issue of the IMF Research Bulletin covers a range of research topics. The Research Summaries featured in this issue are “Lower for Longer: Neutral Rates in the United States” (Andrea Pescatori and Jarkko Turunen) and “Economic Principles for Resource Revenue Management” (Anthony J. Venables and Samuel Wills). The Q&A article looks at “Seven Questions on Financing for Development” (Amadou Sy) and the global development agenda. The issue also includes special announcements on the 2015 Annual Research Conference and the 2015 IMF Annual Report, as well as new IMF publications. Readers will also find a link to a top-viewed article from the “IMF Economic Review”—the IMF’s official research journal.

Author : Stijn Claessens
Publisher : International Monetary Fund
Page : 38 pages
File Size : 42,9 Mb
Release : 2014-12-11
Category : Business & Economics
ISBN : 9781498340939

Get Book

An Overview of Macroprudential Policy Tools by Stijn Claessens Pdf

Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 47,5 Mb
Release : 2011-03-14
Category : Business & Economics
ISBN : 9781498339179

Get Book

Macroprudential Policy - An Organizing Framework - Background Paper by International Monetary Fund. Monetary and Capital Markets Department Pdf

MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 68 pages
File Size : 46,6 Mb
Release : 2012-12-27
Category : Business & Economics
ISBN : 9781498339513

Get Book

The Interaction of Monetary and Macroprudential Policies - Background Paper by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. European Dept. Pdf

This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.