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Macroprudential policies in open emerging economies

Author

Listed:
  • Hahm, Joon-Ho

    (Yonsei University)

  • Mishkin, Frederic S.

    (Columbia Business School)

  • Shin, Hyun Song

    (Princeton University)

  • Shin, Kwanho

    (Korea University)

Abstract

This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also discusses one particularly promising measure of the state of the financial cycle, the growth of non-core liabilities of the financial sector, and evaluates macroprudential policy frameworks. The paper uses Korea as an example and conducts an empirical evaluation of non-core liabilities of Korean banks as a measure of the financial cycle.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Hahm, Joon-Ho & Mishkin, Frederic S. & Shin, Hyun Song & Shin, Kwanho, 2011. "Macroprudential policies in open emerging economies," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 63-114.
  • Handle: RePEc:fip:fedfpr:00019
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    File URL: http://www.frbsf.org/economic-research/events/2011/november/asia-role-post-crisis-global-economy-cpbs/Hahm-Mishkin-Shin-Shin.pdf
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    References listed on IDEAS

    as
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    12. Shin, Hyun Song, 2010. "Risk and Liquidity," OUP Catalogue, Oxford University Press, number 9780199546367.
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    Citations

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    Cited by:

    1. Yung Chul Park & Shinji Takagi, 2012. "Managing Capital Flows in an Economic Community: The Case of ASEAN Capital Account Liberalization," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 299-320, August.
    2. repec:agr:journl:v:1(614):y:2018:i:1(614):p:41-54 is not listed on IDEAS
    3. repec:mtp:titles:0262037165 is not listed on IDEAS
    4. Joon‐Ho Hahm & Hyun Song Shin & Kwanho Shin, 2013. "Noncore Bank Liabilities and Financial Vulnerability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45, pages 3-36, August.
    5. D’Orazio, Paola & Popoyan, Lilit, 2019. "Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies?," Ecological Economics, Elsevier, vol. 160(C), pages 25-37.
    6. Erlend Nier & Heedon Kang, 2016. "Monetary and macroprudential policies – exploring interactions," BIS Papers chapters,in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 27-38 Bank for International Settlements.
    7. Hyun Jeong Kim & Hyun Song Shin & Jacho Yun, 2013. "Monetary Aggregates and the Central Bank’s Financial Stability Mandate," International Journal of Central Banking, International Journal of Central Banking, vol. 9(1), pages 69-108, January.
    8. Alpaslan, Baris & Demirel, Baki, 2014. "Exchange Rate Pass-Through Effect on Prices and Inflation Targeting: A Comparison of Emerging Market Economies," MPRA Paper 53726, University Library of Munich, Germany.
    9. Klingelhöfer, Jan & Sun, Rongrong, 2017. "Macroprudential Policy, Central Banks and Financial Stability: Evidence from China," MPRA Paper 79033, University Library of Munich, Germany.
    10. repec:bla:obuest:v:79:y:2017:i:3:p:395-410 is not listed on IDEAS
    11. repec:eee:jimfin:v:93:y:2019:i:c:p:167-186 is not listed on IDEAS
    12. Piotr Wiesiolek & Dobieslaw Tymoczko, 2015. "The evolution of banking sectors in Central and Eastern Europe - the case of Pola," BIS Papers chapters,in: Bank for International Settlements (ed.), What do new forms of finance mean for EM central banks?, volume 83, pages 313-324 Bank for International Settlements.
    13. repec:eee:jimfin:v:93:y:2019:i:c:p:19-41 is not listed on IDEAS
    14. Adriana Soares Sales & Waldyr D. Areosa & Marta B. M. Areosa, 2012. "Some Financial Stability Indicators for Brazil," Working Papers Series 287, Central Bank of Brazil, Research Department.
    15. Ioanna Kokores, 2015. "Lean-Against-the-Wind Monetary Policy: The Post-Crisis Shift in the Literature," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 65(3-4), pages 66-99, july-Dece.
    16. Palek, Jakob & Schwanebeck, Benjamin, 2019. "Optimal monetary and macroprudential policy in a currency union," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 167-186.
    17. Choy, Marylin & Chang, Giancarlo, 2014. "Medidas macroprudenciales aplicadas en el Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 27, pages 25-50.
    18. repec:jfr:ijfr11:v:9:y:2018:i:4:p:43-50 is not listed on IDEAS
    19. Paul R. Masson, 2013. "The Dangers of an Extended Period of Low Interest Rates: Why the Bank of Canada Should Start Raising Them Now," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 381, May.
    20. Claudio Raddatz & Rodrigo Vergara, 2016. "Macroprudential Policies: General Analysis and a Look into the Chilean Experience," Economic Policy Papers Central Bank of Chile 59, Central Bank of Chile.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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