Staff Guidance Note On Macroprudential Policy

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Staff Guidance Note on Macroprudential Policy

International Monetary Fund
Staff Guidance Note on Macroprudential Policy Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 43,6 Mb
Release : 2014-06-11
Category : Business & Economics
ISBN : 9781498342629

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Staff Guidance Note on Macroprudential Policy by International Monetary Fund Pdf

This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Staff Guidance Note on Macroprudential Policy - Detailed Guidance on Instruments

International Monetary Fund
Staff Guidance Note on Macroprudential Policy Detailed Guidance on Instruments Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 129 pages
File Size : 45,7 Mb
Release : 2014-07-11
Category : Business & Economics
ISBN : 9781498342605

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Staff Guidance Note on Macroprudential Policy - Detailed Guidance on Instruments by International Monetary Fund Pdf

This note covers considerations that can guide the staff’s policy advice on the use of a broad range of macroprudential tools. It discusses the transmission and likely effectiveness of these tools in mitigating systemic risks and the set of indicators that can be used in surveillance to assess the need for changes in macroprudential policy settings. This note is a supplement to the Staff Guidance Note on Macroprudential Policy.

Externalities and Macroprudential Policy

Mr.Gianni De Nicolo,Giovanni Favara,Mr.Lev Ratnovski
Externalities and Macroprudential Policy Book PDF

Author : Mr.Gianni De Nicolo,Giovanni Favara,Mr.Lev Ratnovski
Publisher : International Monetary Fund
Page : 24 pages
File Size : 43,9 Mb
Release : 2012-06-07
Category : Business & Economics
ISBN : 9781475504095

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Externalities and Macroprudential Policy by Mr.Gianni De Nicolo,Giovanni Favara,Mr.Lev Ratnovski Pdf

This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the financial system that these policies are meant to address, and discusses their interrelations and some key implementation issues.

Key Aspects of Macroprudential Policy - Background Paper

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Key Aspects of Macroprudential Policy Background Paper Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 64 pages
File Size : 48,6 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341714

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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.

Macroprudential and Microprudential Policies

Jacek Osinski,Katharine Seal,Mr.Lex Hoogduin
Macroprudential and Microprudential Policies Book PDF

Author : Jacek Osinski,Katharine Seal,Mr.Lex Hoogduin
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 42,8 Mb
Release : 2013-06-21
Category : Business & Economics
ISBN : 1484369998

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Macroprudential and Microprudential Policies by Jacek Osinski,Katharine Seal,Mr.Lex Hoogduin Pdf

Effective arrangements for micro and macroprudential policies to further overall financial stability are strongly desirable for all countries, emerging or advanced. Both policies complement each other, but there can also be potential areas of overlap and conflict, which can complicate this cooperation. Organizing their very close interactions can help contain these potential tensions. This note clarifies the essential features of macroprudential and microprudential policies and their interactions, and delineates their borderline. It proposes mechanisms for aligning both policies in the pursuit of financial stability by identifying those elements that are desirable for effective cooperation between them. The note provides general guidance. Actual arrangements will need take into account country-specific circumstances, reflecting the fact that that there is no “one size fits all.”

Macroprudential Policy - An Organizing Framework - Background Paper

International Monetary Fund. Monetary and Capital Markets Department
Macroprudential Policy An Organizing Framework Background Paper Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 51,5 Mb
Release : 2011-03-14
Category : Business & Economics
ISBN : 9781498339179

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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.

Macroprudential and Microprudential Policies

Jacek Osinski,Katharine Seal,Mr. Lex Hoogduin
Macroprudential and Microprudential Policies Book PDF

Author : Jacek Osinski,Katharine Seal,Mr. Lex Hoogduin
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,5 Mb
Release : 2013-06-21
Category : Business & Economics
ISBN : 9781475566376

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Macroprudential and Microprudential Policies by Jacek Osinski,Katharine Seal,Mr. Lex Hoogduin Pdf

Effective arrangements for micro and macroprudential policies to further overall financial stability are strongly desirable for all countries, emerging or advanced. Both policies complement each other, but there can also be potential areas of overlap and conflict, which can complicate this cooperation. Organizing their very close interactions can help contain these potential tensions. This note clarifies the essential features of macroprudential and microprudential policies and their interactions, and delineates their borderline. It proposes mechanisms for aligning both policies in the pursuit of financial stability by identifying those elements that are desirable for effective cooperation between them. The note provides general guidance. Actual arrangements will need take into account country-specific circumstances, reflecting the fact that that there is no “one size fits all.”

Macroprudential Policies and House Prices in Europe

Mr.Marco Arena,Tingyun Chen,Mr.Seung M Choi,Ms.Nan Geng,Cheikh A. Gueye,Mr.Tonny Lybek,Mr.Evan Papageorgiou,Yuanyan Sophia Zhang
Macroprudential Policies and House Prices in Europe Book PDF

Author : Mr.Marco Arena,Tingyun Chen,Mr.Seung M Choi,Ms.Nan Geng,Cheikh A. Gueye,Mr.Tonny Lybek,Mr.Evan Papageorgiou,Yuanyan Sophia Zhang
Publisher : International Monetary Fund
Page : 51 pages
File Size : 44,8 Mb
Release : 2020-02-20
Category : Business & Economics
ISBN : 9781513512259

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Macroprudential Policies and House Prices in Europe by Mr.Marco Arena,Tingyun Chen,Mr.Seung M Choi,Ms.Nan Geng,Cheikh A. Gueye,Mr.Tonny Lybek,Mr.Evan Papageorgiou,Yuanyan Sophia Zhang Pdf

Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.

Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks

Ron Anderson,Jon Danielsson,Chikako Baba,Mr.Udaibir S Das,Mr.Heedon Kang,Miguel A. Segoviano Basurto
Macroprudential Stress Tests and Policies Searching for Robust and Implementable Frameworks Book PDF

Author : Ron Anderson,Jon Danielsson,Chikako Baba,Mr.Udaibir S Das,Mr.Heedon Kang,Miguel A. Segoviano Basurto
Publisher : International Monetary Fund
Page : 79 pages
File Size : 44,5 Mb
Release : 2018-09-11
Category : Business & Economics
ISBN : 9781484376386

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Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks by Ron Anderson,Jon Danielsson,Chikako Baba,Mr.Udaibir S Das,Mr.Heedon Kang,Miguel A. Segoviano Basurto Pdf

Macroprudential stress testing (MaPST) is becoming firmly embedded in the post-crisis policy-frameworks of financial-sectors around the world. MaPSTs can offer quantitative, forward-looking assessments of the resilience of financial systems as a whole, to particularly adverse shocks. Therefore, they are well suited to support the surveillance of macrofinancial vulnerabilities and to inform the use of macroprudential policy-instruments. This report summarizes the findings of a joint-research effort by MCM and the Systemic-Risk-Centre, which aimed at (i) presenting state-of-the-art approaches on MaPST, including modeling and implementation-challenges; (ii) providing a roadmap for future-research, and; (iii) discussing the potential uses of MaPST to support policy.

An Overview of Macroprudential Policy Tools

Stijn Claessens
An Overview of Macroprudential Policy Tools Book PDF

Author : Stijn Claessens
Publisher : International Monetary Fund
Page : 38 pages
File Size : 48,7 Mb
Release : 2014-12-11
Category : Business & Economics
ISBN : 9781498340939

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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.

Macroprudential Policy Spillovers

Mr.Heedon Kang,Francis Vitek,Ms.Rina Bhattacharya,Mr.Phakawa Jeasakul,Ms.Sònia Muñoz,Naixi Wang,Rasool Zandvakil
Macroprudential Policy Spillovers Book PDF

Author : Mr.Heedon Kang,Francis Vitek,Ms.Rina Bhattacharya,Mr.Phakawa Jeasakul,Ms.Sònia Muñoz,Naixi Wang,Rasool Zandvakil
Publisher : International Monetary Fund
Page : 45 pages
File Size : 42,8 Mb
Release : 2017-07-24
Category : Business & Economics
ISBN : 9781484310991

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Macroprudential Policy Spillovers by Mr.Heedon Kang,Francis Vitek,Ms.Rina Bhattacharya,Mr.Phakawa Jeasakul,Ms.Sònia Muñoz,Naixi Wang,Rasool Zandvakil Pdf

This paper analyzes cross-border macrofinancial spillovers from a variety of macroprudential policy measures, using a range of quantitative methods. Event study and panel regression analyses find that liquidity and sectoral macroprudential policy measures often affect cross-border bank credit, whereas capital measures do not. This empirical evidence is stronger for tightening than for loosening measures, is distributed across credit leakage and reallocation effects, and is generally regionally concentrated. Consistently, structural model based simulation analysis indicates that output and bank credit spillovers from sectoral macroprudential policy shocks are generally small worldwide, but are regionally concentrated and economically significant for countries connected by strong trade or financial linkages. This simulation analysis also indicates that countercyclical capital buffer adjustments have the potential to generate sizeable regional spillovers.

Experiences with Macroprudential Policy—Five Case Studies

Mr.Salim M. Darbar,Mr.Xiaoyong Wu
Experiences with Macroprudential Policy Five Case Studies Book PDF

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

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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.

Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia

Padamja Khandelwal,Ezequiel Cabezon,Sanan Mirzayev,Rayah Al-Farah
Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia Book PDF

Author : Padamja Khandelwal,Ezequiel Cabezon,Sanan Mirzayev,Rayah Al-Farah
Publisher : International Monetary Fund
Page : 54 pages
File Size : 49,6 Mb
Release : 2022-03-10
Category : Business & Economics
ISBN : 9798400201240

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Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia by Padamja Khandelwal,Ezequiel Cabezon,Sanan Mirzayev,Rayah Al-Farah Pdf

Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.

2021 Comprehensive Surveillance Review— Background Paper on Systemic Risk and Macroprudential Policy Advice in Article IV Consultations

International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
2021 Comprehensive Surveillance Review Background Paper on Systemic Risk and Macroprudential Policy Advice in Article IV Consultations Book PDF

Author : International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 54,5 Mb
Release : 2021-05-18
Category : Business & Economics
ISBN : 9781513582719

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2021 Comprehensive Surveillance Review— Background Paper on Systemic Risk and Macroprudential Policy Advice in Article IV Consultations by International Monetary,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper assesses progress made in deepening and integrating systemic risk analysis and macroprudential policy advice in Article IV consultations following up on the findings of the IEO evaluation. The assessment informs the Comprehensive Surveillance Review and the FSAP Review in their recommendations to strengthen these areas in Article IV consultations. The findings point to notable improvements made since the launch of the macrofinancial mainstreaming initiative, particularly in staff reports for advanced economies and in covering bank and credit-related risks.

Optimal Macroprudential Policy and Asset Price Bubbles

Nina Biljanovska,Lucyna Gornicka,Alexandros Vardoulakis
Optimal Macroprudential Policy and Asset Price Bubbles Book PDF

Author : Nina Biljanovska,Lucyna Gornicka,Alexandros Vardoulakis
Publisher : International Monetary Fund
Page : 51 pages
File Size : 41,7 Mb
Release : 2019-08-30
Category : Business & Economics
ISBN : 9781513512662

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Optimal Macroprudential Policy and Asset Price Bubbles by Nina Biljanovska,Lucyna Gornicka,Alexandros Vardoulakis Pdf

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.