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Macroprudential Policies for a Resource Rich Economy The Case of Mongolia

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Author Info

  • Rodolfo Maino
  • Patrick A. Imam
  • Yasuhisa Ojima

Abstract

This paper explores the extent to which macroprudential tools can be used to manage banking sector risks in Mongolia, a commodity producing country exposed to both procyclical and cross-sectional financial sector risks. Loose fiscal policy, rising credit activity, and heightened risk appetite—attributable to the commodity boom—are fuelling price volatility in asset markets, posing significant risks to financial stability if left unchecked. Rising interconnectedness, potential increase in dollarization and concentrated exposures are compounding those risks. Macroprudential tools can complement fiscal and monetary policy adjustments to avoid the buildup of vulnerabilities in the banking sector.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 13/18.

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Length: 47
Date of creation: 22 Jan 2013
Date of revision:
Handle: RePEc:imf:imfwpa:13/18

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Keywords: Macroprudential Policy; Mongolia; Natural resources; Banking sector; Fiscal policy; Credit expansion; Credit risk; Monetary policy; financial system; financial stability; prices; financial institutions; financial sector; financial instability; reserve requirements; financial markets; payment systems; financial systems; financial services; asset markets; collateral; moral hazard; caps; financial intermediaries; forward market; payments; financial regulation; financial sector development; financial intermediation; confidentiality; interest rate risk; counterparty; flexible exchange rate; hedge; substitution; money market; interest rate policy; stock exchange; royalties; international standards; financial vulnerabilities; equity markets; stock market; financial structure; financial instruments; secured lending; stress testing; equity capital; systemic banking crises; crowding out;

References

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  1. Neven Valev & Felix Rioja, 2002. "Finance and the Sources of Growth at Various Stages of Economic Development," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0217, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  2. Greenwood, J. & Jovanovic, B., 1990. "Financial Development, Growth, And The Distribution Of Income," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9002, University of Western Ontario, The Centre for the Study of International Economic Relations.
  3. Jesus, Saurina & Gabriel, Jimenez, 2006. "Credit Cycles, Credit Risk, and Prudential Regulation," MPRA Paper 718, University Library of Munich, Germany.
  4. Claudio Borio & Claudio Mathias Drehmann, 2009. "Towards an operational framework for financial stability: "fuzzy" measurement and its consequences," BIS Working Papers 284, Bank for International Settlements.
  5. Raghuram G. Rajan & Luigi Zingales, 1998. "Power In A Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 387-432, May.
  6. Huang, Xin & Zhou, Hao & Zhu, Haibin, 2009. "A framework for assessing the systemic risk of major financial institutions," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2036-2049, November.
  7. Gabriel Jiménez & Jesús Saurina, 2006. "Credit Cycles, Credit Risk, and Prudential Regulation," International Journal of Central Banking, International Journal of Central Banking, vol. 2(2), May.
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Cited by:
  1. Stolbov, Mikhail, 2013. "Anatomy of international banking crises at the onset of the Great Recession," MPRA Paper 51236, University Library of Munich, Germany.

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