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Macroprudential Policies In Southeastern Europe
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Book Synopsis Macroprudential Policies in Southeastern Europe by : Dilyana Dimova
Download or read book Macroprudential Policies in Southeastern Europe written by Dilyana Dimova and published by International Monetary Fund. This book was released on 2016-02-15 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Macroprudential Policies and Housing Price by : Mr.Jerome Vandenbussche
Download or read book Macroprudential Policies and Housing Price written by Mr.Jerome Vandenbussche and published by International Monetary Fund. This book was released on 2012-12-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
Book Synopsis Key Aspects of Macroprudential Policy - Background Paper by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Key Aspects of Macroprudential Policy - Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-10-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis 30 Years of Transition in Europe by : Robert Holzmann
Download or read book 30 Years of Transition in Europe written by Robert Holzmann and published by Edward Elgar Publishing. This book was released on 2020-11-27 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thought-provoking book investigates the political and economic transformation that has taken place over the past three decades in Central, Eastern and Southeastern Europe (CESEE) since the fall of the Iron Curtain. Through an examination of both the successes and shortcomings of post communist reform and the challenges ahead for the region, it explores the topical issues of economic transition and integration, and highlights lessons to be learned.
Book Synopsis Managing Elevated Risk by : Iwan J. Azis
Download or read book Managing Elevated Risk written by Iwan J. Azis and published by Springer. This book was released on 2014-12-11 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Book Synopsis Macroprudential Policies and House Prices in Europe by : Mr.Marco Arena
Download or read book Macroprudential Policies and House Prices in Europe written by Mr.Marco Arena and published by International Monetary Fund. This book was released on 2020-02-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Second-Generation Fiscal Rules by : Luc Eyraud
Download or read book Second-Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Book Synopsis Economic and Policy Foundations for Growth in South East Europe by : A. Bennett
Download or read book Economic and Policy Foundations for Growth in South East Europe written by A. Bennett and published by Springer. This book was released on 2015-10-29 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume argues that a renewed commitment to sound macroeconomic policies and structural reforms is needed for countries in South East Europe, or 'the Balkans' achieve to sustainable prosperity, along with enhanced support from the international community. New fiscal and financial architecture has valuable lessons for policymakers in SEE.
Book Synopsis Macroprudential Policy Spillovers by : Mr.Heedon Kang
Download or read book Macroprudential Policy Spillovers written by Mr.Heedon Kang and published by International Monetary Fund. This book was released on 2017-07-24 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Macro-Prudential Policies to Mitigate Financial System Vulnerabilities by : Stijn Claessens
Download or read book Macro-Prudential Policies to Mitigate Financial System Vulnerabilities written by Stijn Claessens and published by International Monetary Fund. This book was released on 2014-08-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.
Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund
Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database by : Zohair Alam
Download or read book Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database written by Zohair Alam and published by International Monetary Fund. This book was released on 2019-03-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis An Overview of Macroprudential Policy Tools by : Stijn Claessens
Download or read book An Overview of Macroprudential Policy Tools written by Stijn Claessens and published by International Monetary Fund. This book was released on 2014-12-11 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries by : Mr.Tigran Poghosyan
Download or read book How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2019-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Finance in Central and Southeastern Europe by : Srećko Goić
Download or read book Finance in Central and Southeastern Europe written by Srećko Goić and published by Springer. This book was released on 2017-10-31 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes specific problems and proposes solutions for different areas of finance in Central and Southeastern European countries. Covering a broad spectrum of topics, from monetary economics and electronic money to capital markets, banking and insurance, it comprises theoretical and empirical contributions by authors from nine countries - Poland, Slovakia, Croatia, Bosnia and Herzegovina, Romania, Bulgaria, Montenegro, Serbia and Greece. Intended for academics as well as policy makers and practitioners it offers new perspectives on Central and Southeastern European finance research.
Book Synopsis Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database by : Zohair Alam
Download or read book Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database written by Zohair Alam and published by International Monetary Fund. This book was released on 2019-03-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Legal Foundations of Macroprudential Policy by : Anat Keller
Download or read book Legal Foundations of Macroprudential Policy written by Anat Keller and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
