Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 21 pages
File Size : 42,9 Mb
Release : 2013-06-17
Category : Business & Economics
ISBN : 9781498341653
Implementing Macroprudential Policy - Selected Legal Issues by International Monetary Fund. Legal Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf
As countries design and implement macroprudential policies, they face the challenge of determining what—if any—changes need to be made to their legal and institutional framework to ensure that these policies are effective. Based on a review of experience, it is clear that there are a variety of approaches that can be taken by members, in light of the legal constraints and institutional preferences of each country. Whichever approach is followed, a number of issues need to be addressed when designing legislation in this area, both with respect to the substantive legal provisions and the allocation of institutional responsibilities. As background to ”Key Aspects of Macroprudential Policy“, this paper provides an overview of these legal and institutional issues, while recognizing that macroprudential policy is an area that is still evolving.