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The global dimensions of macroprudential policy

Author

Listed:
  • Beck, Thorsten
  • Buiter, Willem
  • Dominguez, Kathryn
  • Gros, Daniel
  • Gross, Christian
  • Kalemli-Ozcan, Sebnem
  • Peltonen, Tuomas
  • Sánchez Serrano, Antonio
  • Portes, Richard

Abstract

This report elucidates the risk channels for EU economies associated with international financial integration and provides an overview of the macroprudential policy options that are available to address these risks.1 It builds on the main insights from the rich academic literature developed recently to create a narrative of the role of global variables for the conduct of macroprudential policy at a national level. The report reviews the evidence on the cross-border spillovers of domestic macroprudential policies (MPPs). It also highlights key policy areas for making macroprudential policy as effective as possible. Annex 1 presents findings from several new research papers across the European System of Central Banks.

Suggested Citation

  • Beck, Thorsten & Buiter, Willem & Dominguez, Kathryn & Gros, Daniel & Gross, Christian & Kalemli-Ozcan, Sebnem & Peltonen, Tuomas & Sánchez Serrano, Antonio & Portes, Richard, 2020. "The global dimensions of macroprudential policy," Report of the Advisory Scientific Committee 10, European Systemic Risk Board.
  • Handle: RePEc:srk:srkasc:202010
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    File URL: https://www.esrb.europa.eu//pub/pdf/asc/esrb.asc200211_globaldimensionsmacroprudentialpolicy~93059069e3.en.pdf
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    Cited by:

    1. Pol Antràs, 2020. "De-Globalisation? Global Value Chains in the Post-COVID-19 Age," NBER Working Papers 28115, National Bureau of Economic Research, Inc.
    2. Eller, Markus & Hauzenberger, Niko & Huber, Florian & Schuberth, Helene & Vashold, Lukas, 2021. "The impact of macroprudential policies on capital flows in CESEE," Journal of International Money and Finance, Elsevier, vol. 119(C).
    3. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    4. Fischer, Andreas M. & Yeşin, Pınar, 2022. "Foreign currency loan conversions and currency mismatches," Journal of International Money and Finance, Elsevier, vol. 122(C).
    5. Kaufmann, Christoph, 2020. "Investment funds, monetary policy, and the global financial cycle," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224573, Verein für Socialpolitik / German Economic Association.
    6. Bogusława Drelich-Skulska & Sebastian Bobowski & Jan Gola, 2021. "Global Value Chains in the Era of the COVID-19 Pandemic: Symptoms of Deglobalization," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 905-913.

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