Cross Border Banking And The Circumvention Of Macroprudential And Capital Control Measures PDF Download
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| Author | : Mr.Eugenio M Cerutti |
| Publisher | : International Monetary Fund |
| Total Pages | : 46 |
| Release | : 2018-09-28 |
| Genre | : Business & Economics |
| ISBN | : 1484378326 |
Download Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures Book in PDF, ePub and Kindle
We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships (e.g., distance, cultural proximity, microprudential regulations). We uncover interesting spillover effects from both types of measures when applied either by lender or borrowing countries, with many of them most likely associated with circumvention or arbitrage incentives. While lender countries’ macroprudential policies reduce direct cross-border banking outflows, they are associated with larger outflows through local affiliates. Direct cross-border inflows are higher in borrower countries with more usage of macroprudential policies, and are linked to circumvention motives. In the case of capital controls, most spillovers seem to be present through local affiliates. We do not find evidence to support the idea that additional capital inflow controls could interact with macro-prudential policies to mitigate cross-border spillovers.
| Author | : Mr.Eugenio M Cerutti |
| Publisher | : International Monetary Fund |
| Total Pages | : 46 |
| Release | : 2018-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1484379187 |
Download Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures Book in PDF, ePub and Kindle
We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships (e.g., distance, cultural proximity, microprudential regulations). We uncover interesting spillover effects from both types of measures when applied either by lender or borrowing countries, with many of them most likely associated with circumvention or arbitrage incentives. While lender countries’ macroprudential policies reduce direct cross-border banking outflows, they are associated with larger outflows through local affiliates. Direct cross-border inflows are higher in borrower countries with more usage of macroprudential policies, and are linked to circumvention motives. In the case of capital controls, most spillovers seem to be present through local affiliates. We do not find evidence to support the idea that additional capital inflow controls could interact with macro-prudential policies to mitigate cross-border spillovers.
| Author | : Ms. Mitali Das |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2022-01-07 |
| Genre | : Business & Economics |
| ISBN | : 1616358343 |
Download Preemptive Policies and Risk-Off Shocks in Emerging Markets Book in PDF, ePub and Kindle
We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we document that countries with preemptive policies in place during the five year window before risk-off shocks experienced relatively lower external finance premia and exchange rate volatility during the shock compared to countries which did not have such preemptive policies in place. We use the episodes of Taper Tantrum and COVID-19 as risk-off shocks. Our identification relies on a difference-in-differences methodology with country fixed effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex-post. We control the effects of other policies, such as monetary policy, foreign exchange interventions (FXI), easing of inflow CFMs and tightening of outflow CFMs that are used in response to the risk-off shocks. By reducing the impact of risk-off shocks on countries’ funding costs and exchange rate volatility, preemptive policies enable countries’ continued access to international capital markets during troubled times.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2014-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498342620 |
Download Staff Guidance Note on Macroprudential Policy Book in PDF, ePub and Kindle
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
| Author | : Otaviano Canuto |
| Publisher | : World Bank Publications |
| Total Pages | : 307 |
| Release | : 2013-10-29 |
| Genre | : Business & Economics |
| ISBN | : 1464800030 |
Download Dealing with the Challenges of Macro Financial Linkages in Emerging Markets Book in PDF, ePub and Kindle
This book deals with the challenges of macro financial linkages in the emerging markets.
| Author | : Mr.Stijn Claessens |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2014-08-19 |
| Genre | : Business & Economics |
| ISBN | : 1498357601 |
Download Macro-Prudential Policies to Mitigate Financial System Vulnerabilities Book in PDF, ePub and Kindle
Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.
| Author | : Luc Nijs |
| Publisher | : Springer Nature |
| Total Pages | : 822 |
| Release | : 2020-06-30 |
| Genre | : Business & Economics |
| ISBN | : 3030347435 |
Download The Handbook of Global Shadow Banking, Volume I Book in PDF, ePub and Kindle
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
| Author | : Mr.Stijn Claessens |
| Publisher | : International Monetary Fund |
| Total Pages | : 37 |
| Release | : 2012-12-04 |
| Genre | : Business & Economics |
| ISBN | : 1475583583 |
Download Shadow Banking Book in PDF, ePub and Kindle
This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.
| Author | : GASTON. SAHAY GELOS (RATNA.) |
| Publisher | : International Monetary Fund |
| Total Pages | : 2040 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
Download SHOCKS AND CAPITAL FLOWS Book in PDF, ePub and Kindle
| Author | : Juliana Dutra Araujo |
| Publisher | : International Monetary Fund |
| Total Pages | : 53 |
| Release | : 2020-05-22 |
| Genre | : Business & Economics |
| ISBN | : 151354540X |
Download Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates Book in PDF, ePub and Kindle
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
