Safeguarding Banks And Containing Property Booms

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Safeguarding Banks and Containing Property Booms

Mr.Ashvin Ahuja,Mr.Malhar Nabar
Safeguarding Banks and Containing Property Booms Book PDF

Author : Mr.Ashvin Ahuja,Mr.Malhar Nabar
Publisher : International Monetary Fund
Page : 27 pages
File Size : 49,6 Mb
Release : 2011-12-01
Category : Business & Economics
ISBN : 9781463927189

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Safeguarding Banks and Containing Property Booms by Mr.Ashvin Ahuja,Mr.Malhar Nabar Pdf

We assess the effectiveness of macroprudential policies against a number of different indicators of property sector activity and financial stability. At the cross-country level the use of LTV caps decelerates property price growth. Both LTV and DTI caps slow property lending growth. LTV caps also affect a broader range of financial stability indicators in economies with pegged exchange rates and currency boards. For Hong Kong SAR, LTV policy tends to be forward looking, with caps lowered to counter downward movements in mortgage rates, and higher growth in mortgage loan and volumes of transactions. The reduction in caps appears to respond to small and medium size flat price appreciation, and contributes to a decline in high-end volume growth after a year and total transactions volume growth after 11⁄2?2 years. Price growth responds favorably after 2 years. The evidence suggests LTV tightening could affect property activity through the expectations channel rather than through the credit channel.

With Great Power Comes Great Responsibility

Mr.Ivo Krznar,Mr.James Morsink
With Great Power Comes Great Responsibility Book PDF

Author : Mr.Ivo Krznar,Mr.James Morsink
Publisher : International Monetary Fund
Page : 38 pages
File Size : 53,7 Mb
Release : 2014-05-12
Category : Business & Economics
ISBN : 9781484383445

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With Great Power Comes Great Responsibility by Mr.Ivo Krznar,Mr.James Morsink Pdf

The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented since 2010 were associated with lower mortgage credit growth and house price growth. The international experience suggests that—in addition to tighter loan-to-value limits and shorter amortization periods—lower caps on the debt-to-income ratio and higher risk weights could be effective if the housing boom were to reignite. Over the medium term, the authorities could consider structural measures to further improve the soundness of housing finance.

New Zealand

International Monetary Fund. Asia and Pacific Dept
New Zealand Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 73 pages
File Size : 52,7 Mb
Release : 2017-05-08
Category : Business & Economics
ISBN : 9781475599091

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New Zealand by International Monetary Fund. Asia and Pacific Dept Pdf

This 2017 Article IV Consultation highlights New Zealand’s economic expansion, which since early 2011 gained further broad-based momentum in 2016. GDP growth accelerated to 4 percent, and the output gap has roughly closed. Reconstruction spending after the 2011 Canterbury earthquake was an important catalyst, but the expansion has also been supported by accommodative monetary policy, a net migration wave, improving services exports, and strong terms of trade. There was some weakening of momentum in the fourth quarter of 2016, owing to softer private consumption and a sharp drop in exports, but it is expected to be temporary. Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.

Sweden

International Monetary Fund. European Dept.
Sweden Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 54 pages
File Size : 47,5 Mb
Release : 2014-09-02
Category : Business & Economics
ISBN : 9781498339438

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Sweden by International Monetary Fund. European Dept. Pdf

This Selected Issues Paper on Sweden focuses on macroprudential policies in Sweden. Sweden’s banking system meets most standard measures of financial soundness. However, with its large and wholesale-dependent banking sector, high and increasing household debt, and resurgent house price growth, additional measures are needed to contain mounting financial stability risks. On the supply side, this means continuing to strengthen capital and liquidity requirements. However, theoretical and empirical evidence points to a need to also limit credit demand, including through effective steps to increase the rate of mortgage amortization. Empirical evidence suggests that demand-side measures are effective in curbing household borrowing. There is less evidence on the simultaneous use of these tools—a scenario particularly relevant for Sweden. The model also suggests that higher policy rates will impact both mortgage supply and demand. The main findings are qualitatively unchanged across different sample periods and alternative sign restrictions—for example, about the contemporaneous correlation between the monetary policy shock and output and inflation.

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni
Capital Inflows Exchange Rate Flexibility and Credit Booms Book PDF

Author : Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni
Publisher : International Monetary Fund
Page : 24 pages
File Size : 52,8 Mb
Release : 2012-02-01
Category : Business & Economics
ISBN : 9781463936426

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Capital Inflows, Exchange Rate Flexibility, and Credit Booms by Mr.Nicolas E. Magud,Ms.Carmen Reinhart,Mr.Esteban Vesperoni Pdf

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that bank credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans.

Macroprudential Policies in Southeastern Europe

Dilyana Dimova,Ms.Piyabha Kongsamut,Jérôme Vandenbussche
Macroprudential Policies in Southeastern Europe Book PDF

Author : Dilyana Dimova,Ms.Piyabha Kongsamut,Jérôme Vandenbussche
Publisher : International Monetary Fund
Page : 81 pages
File Size : 42,5 Mb
Release : 2016-02-15
Category : Business & Economics
ISBN : 9781498342872

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Macroprudential Policies in Southeastern Europe by Dilyana Dimova,Ms.Piyabha Kongsamut,Jérôme Vandenbussche Pdf

This paper presents a detailed account of the rich set of macroprudential measures taken in four Southeastern European countries—Bulgaria, Croatia, Romania, and Serbia—during their synchronized boom and bust cycles in 2003–12, and assesses their effectiveness. We find that only strong measures helped contain domestic credit growth, the share of foreigncurrency- denominated loans provided by the domestic banking sector, or the domestic banking sector’s reliance on foreign borrowing during the boom years. We also find that circumvention via direct external borrowing often fully offset the effectiveness of these strict measures, and thatmeasures taken during the bust had no discernible impact. We conclude that (i) proper calibration of macroprudential measures is of the essence; (ii) only strong, broad-based macroprudential measures can contain credit booms; (iii) econometric studies of macroprudential policy effectiveness should focus on measures rather than on instruments (i.e. classes of measures) and in so doing allow for possible non-linear and state-contingent effects.

Ireland

International Monetary Fund. Monetary and Capital Markets Department
Ireland Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 30 pages
File Size : 46,5 Mb
Release : 2016-09-29
Category : Business & Economics
ISBN : 9781475542240

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Ireland by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland in the area of the macroprudential policy framework. The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance. The Central Bank of Ireland’s analysis of systemic vulnerabilities is sophisticated and timely. The central bank has been introducing a range of macroprudential instruments to contain a buildup of systemic risk in the financial system. Ireland’s boom-bust experience amply demonstrates the need for forward-looking action to head off incipient financial problems.

Regional Economic Outlook, April 2014, Asia and Pacific

International Monetary Fund. Asia and Pacific Dept
Regional Economic Outlook April 2014 Asia and Pacific Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 88 pages
File Size : 49,9 Mb
Release : 2014-04-27
Category : Business & Economics
ISBN : 9781484316573

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Regional Economic Outlook, April 2014, Asia and Pacific by International Monetary Fund. Asia and Pacific Dept Pdf

The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.

IMF Research Bulletin, March 2012

International Monetary Fund. Research Dept.
IMF Research Bulletin March 2012 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 18 pages
File Size : 53,5 Mb
Release : 2012-03-08
Category : Business & Economics
ISBN : 9781475502183

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IMF Research Bulletin, March 2012 by International Monetary Fund. Research Dept. Pdf

The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."

United Arab Emirates

International Monetary Fund. Middle East and Central Asia Dept.
United Arab Emirates Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 57 pages
File Size : 44,7 Mb
Release : 2013-07-30
Category : Business & Economics
ISBN : 9781484317297

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United Arab Emirates by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This Selected Issues paper on the United Arab Emirates highlights the macroprudential policies. The fixed exchange rate and persistent structural liquidity surpluses in upswings add to the difficulties in managing aggregate demand contain credit expansion. The exchange rate peg and the open capital account allow limited room to deviate from the U.S. interest rates. Monetary policy is further constrained by limited liquidity management capabilities, as liquidity forecasting is in its infancy, and central banks liquidity management relies primarily on reserve requirements and standing facilities for liquidity absorption. The lack of a local currency fixed-income market raises the prominence of real estate as an asset class for investment and the exposure of the banking system to the real estate sector.

Norway

International Monetary Fund. European Dept.
Norway Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 52 pages
File Size : 52,8 Mb
Release : 2016-07-05
Category : Business & Economics
ISBN : 9781498345705

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Norway by International Monetary Fund. European Dept. Pdf

This paper discusses the oil economy, outlook, and risk for Norway. Growth has continued to slow in the mainland economy. At the start of this year, oil prices had dropped by roughly 60 percent from their peak in June 2014 to less than US$40 a barrel. The labor market is feeling the sting of the oil price crash. The krone has weakened substantially along with the decline in oil prices. However, a modest recovery should take root next year. Mainland economy growth should be about 1 percent this year and pick up to close to 13⁄4 percent in 2017.

Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:

International Monetary Fund. Monetary and Capital Markets Department
Kingdom of the Netherlands Netherlands Financial Sector Assessment Program Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 32 pages
File Size : 45,9 Mb
Release : 2017-04-13
Category : Business & Economics
ISBN : 9781475593969

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Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program: by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for the Netherlands on the macroprudential policy framework. The authorities have strengthened the institutional arrangement for macroprudential policy by enhancing the Netherlands Bank’s legal mandate and establishing the Financial Stability Committee, but there is room for improvement. The authorities’ analysis of systemic vulnerabilities is sophisticated and timely. The authorities have been using the range of macroprudential instruments at their disposal, but further tightening will be necessary to contain a potential buildup of systemic risk in the financial system.

LTV and DTI Limits—Going Granular

Luis I. Jacome H.,Ms.Srobona Mitra
LTV and DTI Limits Going Granular Book PDF

Author : Luis I. Jacome H.,Ms.Srobona Mitra
Publisher : International Monetary Fund
Page : 41 pages
File Size : 55,8 Mb
Release : 2015-07-15
Category : Business & Economics
ISBN : 9781513551449

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LTV and DTI Limits—Going Granular by Luis I. Jacome H.,Ms.Srobona Mitra Pdf

There is increasing interest in loan-to-value (LTV) and debt-service-to-income (DTI) limits as many countries face a new round of rising house prices. Yet, very little is known on how these regulatory instruments work in practice. This paper contributes to fill this gap by looking closely at their use and effectiveness in six economies—Brazil, Hong Kong SAR, Korea, Malaysia, Poland, and Romania. Insights include: rapid growth in high-LTV loans with long maturities or in the number of borrowers with multiple mortgages can be signs of build up in systemic risk; monitoring nonperforming loans by loan characteristics can help in calibrating changes in the LTV and DTI limits; as leakages are almost inevitable, countries strive to address them at an early stage; and, in most cases, LTVs and DTIs were effective in reducing loan-growth and improving debt-servicing performances of borrowers, but not always in curbing house price growth.

OECD Tax Policy Studies Housing Taxation in OECD Countries

OECD
OECD Tax Policy Studies Housing Taxation in OECD Countries Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 143 pages
File Size : 48,7 Mb
Release : 2022-07-21
Category : Electronic
ISBN : 9789264862685

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OECD Tax Policy Studies Housing Taxation in OECD Countries by OECD Pdf

Housing Taxation in OECD Countries provides a comparative assessment of housing tax policies in OECD countries and identifies options for reform. The study starts with an overview of recent housing market trends and challenges and an analysis of the distribution of housing assets.

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries

Mr.Tigran Poghosyan
How Effective is Macroprudential Policy Evidence from Lending Restriction Measures in EU Countries Book PDF

Author : Mr.Tigran Poghosyan
Publisher : International Monetary Fund
Page : 42 pages
File Size : 45,7 Mb
Release : 2019-03-01
Category : Business & Economics
ISBN : 9781498300872

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How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries by Mr.Tigran Poghosyan Pdf

This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018. The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities.