Towards Effective Macroprudential Policy Frameworks

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Towards Effective Macroprudential Policy Frameworks

Erlend Nier,Jacek Osinski,Mr.Luis Ignacio Jácome,Pamela Madrid
Towards Effective Macroprudential Policy Frameworks Book PDF

Author : Erlend Nier,Jacek Osinski,Mr.Luis Ignacio Jácome,Pamela Madrid
Publisher : International Monetary Fund
Page : 53 pages
File Size : 45,5 Mb
Release : 2011-11-01
Category : Business & Economics
ISBN : 9781463923327

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Towards Effective Macroprudential Policy Frameworks by Erlend Nier,Jacek Osinski,Mr.Luis Ignacio Jácome,Pamela Madrid Pdf

A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory agencies, or the setting up of dedicated policymaking committees. In others, efforts are underway to enhance cooperation within the existing institutional structure. Against this background, this paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice. After reviewing briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries, the paper identifies stylized institutional models based on key features that distinguish institutional arrangements. It develops criteria to assess the effectiveness of models, examines the strengths and weaknesses of models against these criteria, and explores ways to improve existing setups. The paper finally distills lessons and sets out desired principles for effective macroprudential policy arrangements.

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 : 50,6 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 Policy Framework

Damodaran Krishnamurti,Yejin Carol Lee
Macroprudential Policy Framework Book PDF

Author : Damodaran Krishnamurti,Yejin Carol Lee
Publisher : World Bank Publications
Page : 75 pages
File Size : 51,6 Mb
Release : 2014-05-14
Category : Business & Economics
ISBN : 9781464800856

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Macroprudential Policy Framework by Damodaran Krishnamurti,Yejin Carol Lee Pdf

This publication aims to provide policy makers in emerging market and developing economies with inputs to better understand, envision, and implement a macroprudential policy framework. It presents the basic concepts, issues, and challenges, and encourages them to ask the right questions to design an optimal institutional framework,

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 : 52,8 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 Frameworks, Implementation and Relationship with Other Policies

Anonim
Macroprudential Frameworks Implementation and Relationship with Other Policies Book PDF

Author : Anonim
Publisher : Unknown
Page : 369 pages
File Size : 43,9 Mb
Release : 2017
Category : Electronic
ISBN : 9292591134

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Macroprudential Frameworks, Implementation and Relationship with Other Policies by Anonim Pdf

Emerging market central banks have a long history of using macroprudential instruments. But while most central banks carry a heavy responsibility for financial stability, legal objectives are generally vague, do not define success or failure, and say nothing about competing objectives. This complicates both accountability and the communication of macroprudential decisions. Participants drew several lessons from their experience with implementing macroprudential instruments. First, macroprudential authorities need to act early if they want to address systemic risk effectively. Second, building buffers or shifting the composition of credit is easier than managing the cycle. Third, macroprudential measures tend to be better at constraining booms than at dampening busts. Fourth, although macroprudential tools could, in principle, be targeted very precisely, circumvention by lenders and borrowers require more broad-based approaches. Fifth, macroprudential measures and monetary policy can reinforce each other when used in the same direction. Sixth, the jury is still out whether macroprudential instruments could be used effectively to address regional disparities within economies. This volume collects the background papers of a meeting of Deputy Governors of central banks from emerging market economies to exchange their experience with designing macroprudential frameworks and implementing macroprudential instruments.

Systemic Risk, Crises, and Macroprudential Regulation

Xavier Freixas,Luc Laeven,Jose-Luis Peydro
Systemic Risk Crises and Macroprudential Regulation Book PDF

Author : Xavier Freixas,Luc Laeven,Jose-Luis Peydro
Publisher : MIT Press
Page : 487 pages
File Size : 54,7 Mb
Release : 2023-08-22
Category : Business & Economics
ISBN : 9780262549011

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Systemic Risk, Crises, and Macroprudential Regulation by Xavier Freixas,Luc Laeven,Jose-Luis Peydro Pdf

A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.

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 : 42,9 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

Legal Foundations of Macroprudential Policy

Anat Keller
Legal Foundations of Macroprudential Policy Book PDF

Author : Anat Keller
Publisher : Unknown
Page : 0 pages
File Size : 54,6 Mb
Release : 2020
Category : Economic policy
ISBN : 1780687877

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Legal Foundations of Macroprudential Policy by Anat Keller Pdf

Macroprudential policy focuses on the financial system as a whole, as distinct from individual institutions, and its objective is to limit the costs to the real economy from system-wide distress of the financial sector. This book helps readers discover and decipher the multi-faceted and fascinating area of macroprudential policy through taking a theoretical, interdisciplinary and legal-focused approach.

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 : 47,8 Mb
Release : 2013-06-21
Category : Business & Economics
ISBN : 9781484369999

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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 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 : 54,9 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 : 55,6 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.

The Macroprudential Framework

Cheng Hoon Lim,Mr.Ivo Krznar,Mr.Fabian Lipinsky,Mr.Akira Otani,Mr.Xiaoyong Wu
The Macroprudential Framework Book PDF

Author : Cheng Hoon Lim,Mr.Ivo Krznar,Mr.Fabian Lipinsky,Mr.Akira Otani,Mr.Xiaoyong Wu
Publisher : International Monetary Fund
Page : 40 pages
File Size : 51,9 Mb
Release : 2013-07-17
Category : Business & Economics
ISBN : 9781484377819

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The Macroprudential Framework by Cheng Hoon Lim,Mr.Ivo Krznar,Mr.Fabian Lipinsky,Mr.Akira Otani,Mr.Xiaoyong Wu Pdf

This paper gauges if, and how, institutional arrangements are correlated with the use of macroprudential policy instruments. Using data from 39 countries, the paper evaluates policy response time in various types of institutional arrangements for macroprudential policy and finds that the macroprudential framework that gives the central bank an important role is associated with more timely use of macroprudential policy instruments. Policymakers may also tend to use macroprudential instruments more quickly if the ability to conduct monetary policy is somehow constrained. This finding points to the importance of coordination between macroprudential and monetary policy.

Macroprudential Frameworks in Asia

Mr.Steven A Barnett,Mr.Rodolfo Maino
Macroprudential Frameworks in Asia Book PDF

Author : Mr.Steven A Barnett,Mr.Rodolfo Maino
Publisher : International Monetary Fund
Page : 172 pages
File Size : 52,8 Mb
Release : 2013-04-10
Category : Business & Economics
ISBN : 9781475517194

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Macroprudential Frameworks in Asia by Mr.Steven A Barnett,Mr.Rodolfo Maino Pdf

This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual countries to address systemic risk, including risk concentration and interconnectedness. This book is the first comprehensive collection of papers assessing the existing institutional arrangements for macroprudential policies in Asia.

The Use and Effectiveness of Macroprudential Policies: New Evidence

Eugenio Cerutti,Stijn Claessens,Mr. Luc Laeven
The Use and Effectiveness of Macroprudential Policies New Evidence Book PDF

Author : Eugenio Cerutti,Stijn Claessens,Mr. Luc Laeven
Publisher : International Monetary Fund
Page : 43 pages
File Size : 51,6 Mb
Release : 2015-03-17
Category : Business & Economics
ISBN : 9781498316378

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The Use and Effectiveness of Macroprudential Policies: New Evidence by Eugenio Cerutti,Stijn Claessens,Mr. Luc Laeven Pdf

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

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

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 50,9 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030

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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.