Key Aspects Of Macroprudential Policy PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Key Aspects Of Macroprudential Policy PDF full book. Access full book title Key Aspects Of Macroprudential Policy.
Author | : International Monetary Fund. Fiscal Affairs Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 62 |
Release | : 2013-10-06 |
Genre | : Business & Economics |
ISBN | : 1498341705 |
Download Key Aspects of Macroprudential Policy Book in PDF, ePub and Kindle
The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF’s country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.
Author | : Internationaler Währungsfonds |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Key Aspects of Macroprudential Policy Book in PDF, ePub and Kindle
The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF's country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.
Author | : International Monetary Fund. Fiscal Affairs Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 64 |
Release | : 2013-10-06 |
Genre | : Business & Economics |
ISBN | : 1498341713 |
Download Key Aspects of Macroprudential Policy - Background Paper Book in PDF, ePub and Kindle
The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2011-03-14 |
Genre | : Business & Economics |
ISBN | : 1498339174 |
Download Macroprudential Policy - An Organizing Framework - Background Paper Book in PDF, ePub and Kindle
MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
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 | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 60 |
Release | : 2011-03-14 |
Genre | : Business & Economics |
ISBN | : 1498339166 |
Download Macroprudential Policy - An Organizing Framework Book in PDF, ePub and Kindle
Macroprudential policy is a complement to microprudential policy and it interacts with other types of public policy that have an impact on systemic financial stability. Indeed, prudential regulation, as carried out in the past, also had some macroprudential aspects, and the recent crisis has reinforced this focus; hence, a clear separation between “micro” and “macro” prudential, if useful conceptually, is difficult to delineate in practice. Moreover, no matter how different policy mandates are structured, financial stability tends to be a common responsibility, reflecting the far reaching consequences of financial crises. This calls for coordination across policies, to ensure that systemic risk is comprehensively addressed. Equally important, macroprudential policy is no substitute for sound policies more broadly, including, in particular, strong prudential regulation and supervision, and sound macroeconomic policies. Operational independence in other policy areas, including monetary and microprudential policy, should not be undermined in the name of macroprudential policy. Finally, given the global nature of the financial system, the multilateral aspects of macroprudential policy will need to be fully considered—an important aspect that is only touched upon in this paper.
Author | : International Monetary Fund. Legal Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2013-06-17 |
Genre | : Business & Economics |
ISBN | : 1498341659 |
Download Implementing Macroprudential Policy - Selected Legal Issues Book in PDF, ePub and Kindle
As countries design and implement macroprudential policies, they face the challenge of determining what—if any—changes need to be made to their legal and institutional framework to ensure that these policies are effective. Based on a review of experience, it is clear that there are a variety of approaches that can be taken by members, in light of the legal constraints and institutional preferences of each country. Whichever approach is followed, a number of issues need to be addressed when designing legislation in this area, both with respect to the substantive legal provisions and the allocation of institutional responsibilities. As background to ”Key Aspects of Macroprudential Policy“, this paper provides an overview of these legal and institutional issues, while recognizing that macroprudential policy is an area that is still evolving.
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 | : Jacek Osinski |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2013-06-21 |
Genre | : Business & Economics |
ISBN | : 1484369998 |
Download Macroprudential and Microprudential Policies Book in PDF, ePub and Kindle
Effective arrangements for micro and macroprudential policies to further overall financial stability are strongly desirable for all countries, emerging or advanced. Both policies complement each other, but there can also be potential areas of overlap and conflict, which can complicate this cooperation. Organizing their very close interactions can help contain these potential tensions. This note clarifies the essential features of macroprudential and microprudential policies and their interactions, and delineates their borderline. It proposes mechanisms for aligning both policies in the pursuit of financial stability by identifying those elements that are desirable for effective cooperation between them. The note provides general guidance. Actual arrangements will need take into account country-specific circumstances, reflecting the fact that that there is no “one size fits all.”
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2014-12-11 |
Genre | : Business & Economics |
ISBN | : 1498340938 |
Download An Overview of Macroprudential Policy Tools Book in PDF, ePub and Kindle
Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.