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Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy

Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy »

Source: Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy

Volume/Issue: 2009/257

Series: IMF Working Papers

Author(s): Papa N'Diaye

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2009

ISBN: 9781451874037

Keywords: macro prudentials, contingent claim analysis, aggregate demand, monetary fund,

This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary po...

The Systemic Regulation of Credit Rating Agencies and Rated Markets

The Systemic Regulation of Credit Rating Agencies and Rated Markets »

Source: The Systemic Regulation of Credit Rating Agencies and Rated Markets

Volume/Issue: 2009/129

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

ISBN: 9781451872767

Keywords: Rating agencies, structured credit products, macro-prudential, micro-prudential, regulation, procylicality, credit ratings, financial stability, money market,

Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency a...

Rules, Discretion, and Macro-Prudential Policy*

Rules, Discretion, and Macro-Prudential Policy* »

Source: Rules, Discretion, and Macro-Prudential Policy

Volume/Issue: 2013/65

Series: IMF Working Papers

Author(s): Itai Agur , and Sunil Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781475546699

Keywords: Macro-prudential policy, regulation, rules, decision makers, regulations, Government Policy and Regulation, Government Policy and Regulation,

The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, macro-prudential frameworks will have weaknesses that make it har...

Financial Stability Reports:What Are they Good for?

Financial Stability Reports:What Are they Good for? »

Source: Financial Stability Reports : What Are they Good for?

Volume/Issue: 2012/1

Series: IMF Working Papers

Author(s): Sònia Muñoz , Samir Jahjah , Martin Cihak , Sharika Sharifuddin , and Kalin Tintchev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463929923

Keywords: Central Banking, Macro-Prudential Tools, Systemic Risk, banking, financial system, banking system, stock market

The global financial crisis has renewed policymakers' interest in improving the policy framework for financial stability, and an open question is to what extent and in what form should financial stability reports b...

Central Bank Independence and Macro-Prudential Regulation

Central Bank Independence and Macro-Prudential Regulation »

Source: Central Bank Independence and Macro-Prudential Regulation

Volume/Issue: 2012/101

Series: IMF Working Papers

Author(s): Fabian Valencia , and Kenichi Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

ISBN: 9781475502916

Keywords: Macro-prudential Regulation, Time-inconsistency, inflation, central bank, financial stability, independent central bank,

We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new t...

Macro-prudential Policy in a Fisherian Model of Financial Innovation*

Macro-prudential Policy in a Fisherian Model of Financial Innovation* »

Source: Macro-prudential Policy in a Fisherian Model of Financial Innovation

Volume/Issue: 2012/181

Series: IMF Working Papers

Author(s): Javier Bianchi , Emine Boz , and Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505290

Keywords: Financial crises, financial innovation, macro-prudential regulation, Bayesian learning, collateral, bond, bonds, derivative

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equ...

Exchange Rate Flexibility and Credit during Capital Inflow Reversals

Exchange Rate Flexibility and Credit during Capital Inflow Reversals »

Source: Exchange Rate Flexibility and Credit during Capital Inflow Reversals : Purgatory…not Paradise

Volume/Issue: 2014/61

Series: IMF Working Papers

Author(s): Nicolas Magud , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2014

ISBN: 9781475543735

Keywords: reversals, macro-prudential, exchange rate, exchange rate regimes, exchange rate flexibility, flexible exchange rate, exchange rate regime, Open Economy Macroeconomics,

We document the behavior of macro and credit variables during episodes of capital inflows reversals in economies with different degrees of exchange rate flexibility. We find that exchange rate flexibility is associ...

Does Easing Monetary Policy Increase Financial Instability?

Does Easing Monetary Policy Increase Financial Instability? »

Source: Does Easing Monetary Policy Increase Financial Instability?

Volume/Issue: 2015/139

Series: IMF Working Papers

Author(s): Ambrogio Cesa-Bianchi , and Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2015

ISBN: 9781513588490

Keywords: Macro-prudential policies, credit frictions, interest rate rigidities, interest, interest rate, interest rates, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policies. There are two main results. First, real interest ra...

Bank Funding Structures and Risk

Bank Funding Structures and Risk »

Source: Bank Funding Structures and Risk : Evidence From the Global Financial Crisis

Volume/Issue: 2012/29

Series: IMF Working Papers

Author(s): Pablo Federico , and Francisco Vazquez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463933142

Keywords: pre-crisis, bank failure, bank liquidity, global financial crisis, Financial Institutions and Services: Government Policy and Regulation, Bank Liquidity Creation, Basel Iii, Macro-prudential Regulations,

This paper analyzes the evolution of bank funding structures in the run up to the global financial crisis and studies the implications for financial stability, exploiting a bank-level dataset that covers about 11,0...

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets »

Source: Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Volume/Issue: 2017/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and Haobin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

ISBN: 9781484311417

Keywords: financial spillovers; collateral; RRP (reverse repo program); fed funds rate; General Collateral Finance (GCF rate); macro-prudential; capital control; quantitative easing, financial spillovers, collateral, RRP (reverse repo program), fed funds rate, General Collateral Finance (GCF rate), macro-prudential, capital control, quantitative easing, Government Policy and Regulation

We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance...