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La politique macroprudentielle : un ouvrage en cours pour les banques centrales

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  • Jaime Caruana
  • Ilhyock Shim

Abstract

Since the Great Financial Crisis of 2007-2009, both advanced and emerging market economies have made progress in setting up macroprudential policy frameworks and implementing macroprudential measures. This article provides a summary of these measures, and discusses a number of challenges ahead: (1) understanding the impact of financial development on the effectiveness of macroprudential tools; (2) minimising leakages and spillovers from applying targeted tools; (3) protecting the private financial sector from sovereign risks; (4) designing new policy tools to reduce systemic risks stemming from capital markets; and (5) finding the right combination of policies and acting early enough in the cumulative endogenous process of building financial imbalances. To find an effective solution to these challenges, it is crucial that macroprudential authorities cooperate domestically and globally. Classification JEL: E43, E58, G01, G28.

Suggested Citation

  • Jaime Caruana & Ilhyock Shim, 2016. "La politique macroprudentielle : un ouvrage en cours pour les banques centrales," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 111-130.
    • Handle: RePEc:cai:refaef:ecofi_121_0111
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    Cited by:

    1. Donato Masciandaro & Riccardo Russo, 2022. "Central Banks and Climate Policy: Unpleasant Trade–Offs? A Principal–Agent Approach," BAFFI CAREFIN Working Papers 22181, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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