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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. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2001. "Aggregate price shocks and financial instability: a historical analysis," Working Papers 2000-005, Federal Reserve Bank of St. Louis.
    2. Rafael Repullo & Jesús Saurina & Carlos Trucharte, 2010. "Mitigating the pro-cyclicality of Basel II," Banco de Espa�a Working Papers 1028, Banco de Espa�a.
    3. Con Keating & Hyun Song Shin & Charles Goodhart & Jon Danielsson, 2001. "An Academic Response to Basel II," FMG Special Papers sp130, Financial Markets Group.
    4. Ethan Cohen-Cole & Enrique Martínez-García, 2011. "The Balance Sheet Channel," Central Banking, Analysis, and Economic Policies Book Series, in: Rodrigo Alfaro (ed.), Financial Stability, Monetary Policy, and Central Banking, edition 1, volume 15, chapter 9, pages 255-297 Central Bank of Chile.
    5. 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, vol. 26(5), pages 1011-1028, May.
    6. Xavier Freixas & Antoine Martin & David Skeie, 2011. "Bank Liquidity, Interbank Markets, and Monetary Policy," Review of Financial Studies, Society for Financial Studies, vol. 24(8), pages 2656-2692.
    7. Repullo, Rafael & Suarez, Javier, 2008. "The Procyclical Effects of Basel II," CEPR Discussion Papers 6862, C.E.P.R. Discussion Papers.
    8. Gruen, David & Plumb, Michael & Stone, Andrew, 2005. "How Should Monetary Policy Respond to Asset-Price Bubbles?," MPRA Paper 833, University Library of Munich, Germany.
    9. Dell''Ariccia, Giovanni & Igan, Deniz & Laeven, Luc, 2008. "Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market," CEPR Discussion Papers 6683, C.E.P.R. Discussion Papers.
    10. 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 2010/04, International Monetary Fund.
    11. Yener Altunbas & Leonardo Gambacorta & David Marques, 2008. "Securitization and the bank lending channel," Proceedings 1101, Federal Reserve Bank of Chicago.
    12. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
    13. 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 263, Banque de France.
    14. Christiano, Lawrence & Ilut, Cosmin & Motto, Roberto & Rostagno, Massimo, 2008. "Monetary policy and stock market boom-bust cycles," Working Paper Series 0955, European Central Bank.
    15. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
    16. Graciela Laura Kaminsky, 1997. "Leading Indicators of Currency Crises," IMF Working Papers 97/79, International Monetary Fund.
    17. Ioannidou, V. & Ongena, S. & Peydro, J.L., 2009. "Monetary Policy, Risk-Taking, and Pricing: Evidence from a Quasi-Natural Experiment," Discussion Paper 2009-31 S, Tilburg University, Center for Economic Research.
    18. Alasdair Scott & Pau Rabanal & Prakash Kannan, 2009. "Monetary and Macroprudential Policy Rules in a Model with House Price Booms," IMF Working Papers 09/251, International Monetary Fund.
    19. 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, vol. 8(3), pages 193-205.
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    Cited by:
    1. Paul Wachtel, 2011. "Central Banking for the 21st Century: An American Perspective," Working Papers 11-02, New York University, Leonard N. Stern School of Business, Department of Economics.
    2. Gopinath, Shyamala, 2011. "Macroprudential Approach to Regulation-Scope and Issues," ADBI Working Papers 286, Asian Development Bank Institute.
    3. Choy, Marylin & Chang, Giancarlo, 2014. "Medidas Macroprudenciales aplicadas en el Perú," Working Papers 2014-007, Banco Central de Reserva del Perú.
    4. Constantinos Stephanou, 2011. "Big Banks In Small Countries:The Case of Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 5(1), pages 3-21, June.

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