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Macroprudential instruments and frameworks: a stocktaking of issues and experiences

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  • Bank for International Settlements
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    Abstract

    Central banks will face a range of issues as macroprudential policy frameworks are developed and applied, because of central banks' roles in financial stability, and because successful macroprudential policy can help stabilise the economy. But questions surround how macroprudential policy should be defined and how its instruments should be operated. This report summarises a preliminary "stocktaking" by the Committee on the Global Financial System of issues and experience related to the design and implementation of macroprudential policy. The production of the report was overseen by a coordinating group led by Lex Hoogduin of the Dutch central bank. The report includes summary results from a survey of central banks on their conceptions of macroprudential policy and their use of macroprudential instruments, and from a central bank workshop on the use of macroprudential instruments relating to property lending markets, many of which have been applied in emerging economies.

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    Bibliographic Info

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    This book is provided by Bank for International Settlements in its series CGFS Papers with number 38 and published in 2010.

    ISBN: 92-9131-827-2
    Handle: RePEc:bis:biscgf:38

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    1. Ethan Cohen-Cole & Enrique Martinez-Garcia, 2009. "The Balance Sheet Channel," Working Papers Central Bank of Chile, Central Bank of Chile 537, Central Bank of Chile.
    2. Xavier Freixas & Antoine Martin & David Skeie, 2010. "Bank liquidity, interbank markets and monetary policy," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1202, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Christiano, Lawrence & Ilut, Cosmin & Motto, Roberto & Rostagno, Massimo, 2008. "Monetary policy and stock market boom-bust cycles," Working Paper Series, European Central Bank 0955, European Central Bank.
    4. Repullo, Rafael & Suarez, Javier, 2008. "The Procyclical Effects of Basel II," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6862, C.E.P.R. Discussion Papers.
    5. Altunbas, Yener & Gambacorta, Leonardo & Marqués-Ibáñez, David, 2007. "Securitisation and the bank lending channel," Working Paper Series, European Central Bank 0838, European Central Bank.
    6. Alasdair Scott & Pau Rabanal & Prakash Kannan, 2009. "Monetary and Macroprudential Policy Rules in a Model with House Price Booms," IMF Working Papers, International Monetary Fund 09/251, International Monetary Fund.
    7. Borgy, V. & Clerc, L. & Renne, J-P., 2009. "Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation?," Working papers, Banque de France 263, Banque de France.
    8. Giovanni Dell’Ariccia & Deniz Igan & Luc Laeven, 2012. "Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 44, pages 367-384, 03.
    9. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
    10. de Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic Risk: A Survey," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2634, C.E.P.R. Discussion Papers.
    11. Huang, Xin & Zhou, Hao & Zhu, Haibin, 2012. "Assessing the systemic risk of a heterogeneous portfolio of banks during the recent financial crisis," Journal of Financial Stability, Elsevier, Elsevier, vol. 8(3), pages 193-205.
    12. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2002. "Aggregate Price Shocks and Financial Instability: A Historical Analysis," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 40(4), pages 521-538, October.
    13. Bongini, Paola & Laeven, Luc & Majnoni, Giovanni, 2002. "How good is the market at assessing bank fragility? A horse race between different indicators," Journal of Banking & Finance, Elsevier, Elsevier, vol. 26(5), pages 1011-1028, May.
    14. Ioannidou, V. & Ongena, S. & Peydro, J.L., 2009. "Monetary Policy, Risk-Taking, and Pricing: Evidence from a Quasi-Natural Experiment," Discussion Paper, Tilburg University, Center for Economic Research 2009-31 S, Tilburg University, Center for Economic Research.
    15. David Gruen & Michael Plumb & Andrew Stone, 2003. "How Should Monetary Policy Respond to Asset-price Bubbles?," RBA Annual Conference Volume, Reserve Bank of Australia, in: Anthony Richards & Tim Robinson (ed.), Asset Prices and Monetary Policy Reserve Bank of Australia.
    16. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes, International Monetary Fund 2010/04, International Monetary Fund.
    17. Con Keating & Hyun Song Shin & Charles Goodhart & Jon Danielsson, 2001. "An Academic Response to Basel II," FMG Special Papers, Financial Markets Group sp130, Financial Markets Group.
    18. Repullo, Rafael & Saurina, Jesús & Trucharte, Carlos, 2009. "Mitigating the Procyclicality of Basel II," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7382, C.E.P.R. Discussion Papers.
    19. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, September.
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    Cited by:
    1. Constantinos Stephanou, 2011. "Big Banks In Small Countries:The Case of Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, University of Cyprus, Economics Research Centre, vol. 5(1), pages 3-21, June.
    2. Gopinath, Shyamala, 2011. "Macroprudential Approach to Regulation-Scope and Issues," ADBI Working Papers, Asian Development Bank Institute 286, Asian Development Bank Institute.
    3. Paul Wachtel, 2011. "Central Banking for the 21st Century: An American Perspective," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 11-02, New York University, Leonard N. Stern School of Business, Department of Economics.
    4. Choy, Marylin & Chang, Giancarlo, 2014. "Medidas Macroprudenciales aplicadas en el Perú," Working Papers, Banco Central de Reserva del Perú 2014-007, Banco Central de Reserva del Perú.

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