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Author :
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Policy Framework, Implementation and Relationships with Other Policies written by and published by . This book was released on 2018 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 : 9789292591144
Total Pages : 369 pages
Book Rating : 4.5/5 (911 download)
Download or read book Macroprudential Frameworks, Implementation and Relationship with Other Policies written by and published by . This book was released on 2017 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : South African Reserve Bank (SARB)
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks, Implementation and Relationships with Other Policies written by South African Reserve Bank (SARB) and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note outlines the South African Reserve Bank's proposed framework for achieving its new financial stability mandate. It sets out the institutional structure, the focus and objectives of macroprudential policy and the decision-making process to be applied. It identifies and describes three important stages in the process of implementing macroprudential policy, namely completing a systemic risk assessment, building a case for macroprudential intervention, and selecting and applying the macroprudential instruments. Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : Manuel Ramos-Francia
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (13 download)
Download or read book On the Relationship Between Macroprudential Policy and Other Policies written by Manuel Ramos-Francia and published by . This book was released on 2018 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our note has two related, albeit separate, goals. First, we extend an interest rate policy rule by appending a financial variable to it. Our key assumption is that the relationship between that financial variable and output is uncertain. This is an important assumption because policymakers seek policy rules that are robust to economic relationships. This exercise allows us to discuss a number of issues pertaining to the connection between macroprudential and monetary policies. Second, we examine some of the incentives faced by countries in coordinating their macroprudential policies and, thus, in working towards global financial stability, an international public good. We assume that the probability of a financial crisis decreases as more countries opt for coordination. Moreover, the heterogeneity of expected net benefits implies that countries' willingness to coordinate differs. While coordination to achieve financial stability faces important challenges, it can be socially optimal.Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498339174
Total Pages : 33 pages
Book Rating : 4.4/5 (983 download)
Download or read book Macroprudential Policy - An Organizing Framework - Background Paper written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2011-03-14 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks written by and published by . This book was released on 2018 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the increasing complexity and interconnectedness of the financial system, central banks have broadened their mandates and policy toolkit to address emerging risks to financial stability. This paper describes Malaysia's experience in establishing its macroprudential framework. It highlights the institutional and governance arrangements made to support decision-making, and policy formulation to avert or reduce risks to financial stability. It also discusses the importance of coordinating different policy tools, such as monetary, macroprudential and fiscal measures, to balance policy trade-offs. Drawing on Malaysia's experience in implementing household- and property-related macroprudential measures, the paper argues that recalibration of existing policies hinges on the objectives and circumstances of individual jurisdictions.Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : Reserve Bank of India
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks, Implementation, and Relationship with Other Policies written by Reserve Bank of India and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential tools were actively used in India long before the onset of the global financial crisis. The regulatory tools, and the power to activate them, reside with sectoral authorities, while the Financial Stability and Development Council is the apex body concerned with financial stability. Its Sub-Committee has taken on the role of finalising broad-based macroprudential policies and tools. As India is a bankdominated economy, and the Reserve Bank of India regulates banks, non-bank financial companies and most other important segments of the financial markets, the Bank is the main centre for macroprudential analysis. This paper documents the successful implementation of various macroprudential tools such as provisioning, risk weights, loan-to-value ratios and capital flow measures. We also highlight the coordinated use of macroprudential and monetary policies in response to changes in the macro-financial environment before and after the crisis. Lastly, the analytical approaches to systemic risk assessment in India, together with the use of communication as a policy tool, are discussed.Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498339166
Total Pages : 60 pages
Book Rating : 4.4/5 (983 download)
Download or read book Macroprudential Policy - An Organizing Framework written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2011-03-14 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policy is a complement to microprudential policy and it interacts with other types of public policy that have an impact on systemic financial stability. Indeed, prudential regulation, as carried out in the past, also had some macroprudential aspects, and the recent crisis has reinforced this focus; hence, a clear separation between “micro” and “macro” prudential, if useful conceptually, is difficult to delineate in practice. Moreover, no matter how different policy mandates are structured, financial stability tends to be a common responsibility, reflecting the far reaching consequences of financial crises. This calls for coordination across policies, to ensure that systemic risk is comprehensively addressed. Equally important, macroprudential policy is no substitute for sound policies more broadly, including, in particular, strong prudential regulation and supervision, and sound macroeconomic policies. Operational independence in other policy areas, including monetary and microprudential policy, should not be undermined in the name of macroprudential policy. Finally, given the global nature of the financial system, the multilateral aspects of macroprudential policy will need to be fully considered—an important aspect that is only touched upon in this paper.
Author : Hernando Vargas
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Macroprudential Policy Framework in Colombia written by Hernando Vargas and published by . This book was released on 2018 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policy in Colombia is described along with a discussion of the main challenges faced by the authorities in implementing it and a review of episodes in which macroprudential measures were taken. An overview and some estimates of their effectiveness in preventing the buildup of imbalances, increasing buffers and cushioning downswings are presented. Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : Ho Soon Shin
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks, Implementation and Relationship with Other Policies in Korea written by Ho Soon Shin and published by . This book was released on 2018 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Korea, the authorities responsible for financial stability carry out their respective roles under their individual purviews. Macroprudential (financial stability) policy is conducted by sharing views about financial stability conditions and responding jointly in times of crisis through various channels for cooperation. The macroprudential policy instruments currently used in Korea include loan-to-value and debt-to-income regulations, countercyclical capital buffers, regulation of the domestic currency loanto-deposit ratio (LDR), and FX-related macroprudential measures (the Macroprudential Stability Levy and leverage caps on banks' FX derivatives positions). The Bank of Korea (BOK) was given responsibility for financial stability under the revised Bank of Korea Act (which took effect in 2011). To this end, the Bank pre-emptively identifies potential risks in the financial system while conducting its monetary policy, as well as through its Financial Stability Report and Financial Stability Meetings. The BOK also shares its perceptions of financial conditions and responds jointly with the relevant government agencies at a macroprudential level. Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : Maxim Morozov
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Macroprudential Policy Framework in Russia written by Maxim Morozov and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The note discusses the main features of Russia's current macroprudential policy framework. In particular, it describes the Central Bank of the Russian Federation's legal mandate to ensure the stable functioning of the financial markets, explains the interagency coordination between Russian authorities, and outlines the functions of National Council on Ensuring Financial Stability as a high-level inter-agency advisory body on financial stability issues, which serves as an effective platform for policy coordination. The note focuses on the practical aspects of the the central bank's financial stability objectives and powers, detailing the Bank of Russia internal structures and procedures for the formulation and implementation of macroprudential policy, and for communication and transparency issues. The central bank's experience of using macroprudential instruments to curb systemic risks is reviewed, with practical examples of how financial stability issues were addressed via macroprudential policy measures, together with details of the Bank's plans for further macroprudential policy development. Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498341713
Total Pages : 64 pages
Book Rating : 4.4/5 (983 download)
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.
Author : Bank for International Settlements
Publisher :
ISBN 13 :
Total Pages : 374 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks, Implementation and Relationship with Other Policies written by Bank for International Settlements and published by . This book was released on 2018 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers in this volume wer ...
Author : Agustin Villar
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Frameworks written by Agustin Villar and published by . This book was released on 2018 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note discusses macroprudential frameworks in emerging market economies (EMEs) and the role that central banks play. It reviews how central banks organise themselves to promote financial stability. Much of the discussion is based on the replies to a questionnaire sent in late 2016 a group of EME central banks. Some conclusions are that about two thirds of the central banks surveyed have a financial stability mandate but not necessarily in the form of a quantitative goal. Respondent central banks have control over a large array of macroprudential tools. But in several countries, decision-making powers and control over instruments remain diffused across institutions. In such cases, policy coordination implementation tilts towards favouring the central bank's role of "primus inter pares".Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498342620
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)
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
Author : Maurício Costa de Moura
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroprudential Policy in Brazil written by Maurício Costa de Moura and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note discusses recent developments relating to Brazil's financial stability policy framework, including efforts to enhance its ability to anticipate vulnerabilities and prevent financial distress. The main sections are as follows: (i) institutional arrangements; (ii) the experience with macroprudential instruments; and (iii) ongoing initiatives to enhance the framework.Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
Author : Renzo Rossini
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (13 download)
Download or read book Implementation of Macroprudential Policy in Peru written by Renzo Rossini and published by . This book was released on 2018 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews macroprudential measures implemented in Peru to counter the boom-bust pattern of the credit cycle and mitigate the risks associated with dollarisation, the main vulnerability of the Peruvian financial system.Full Publication: 'http://ssrn.com/abstract=3101163' Macroprudential Frameworks, Implementation and Relationship with Other Policies.
