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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...

Effective Macroprudential Policy

Effective Macroprudential Policy »

Source: Effective Macroprudential Policy : Cross-Sector Substitution from Price and Quantity Measures

Volume/Issue: 2016/94

Series: IMF Working Papers

Author(s): Janko Cizel , Jon Frost , Aerdt Houben , and Peter Wierts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 April 2016

ISBN: 9781484337738

Keywords: Financial cycle, macroprudential regulation, financial supervision, shadow banking.

Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical anal...

Institutional Arrangements for Macroprudential Policy in Asia

Institutional Arrangements for Macroprudential Policy in Asia »

Source: Institutional Arrangements for Macroprudential Policy in Asia

Volume/Issue: 2013/165

Series: IMF Working Papers

Author(s): Cheng Lim , Rishi Ramchand , Helen Wagner , and Xiaoyong Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

ISBN: 9781484338360

Keywords: institutional arrangements, macroprudential, regulation, financial system, deposit insurance, financial services, Government Policy and Regulation,

This paper surveys institutional arrangements for macroprudential policy in Asia. Central banks in Asia typically have a financial stability mandate, and play a key role in the macroprudential framework. Smaller an...

How Did Markets React to Stress Tests?

How Did Markets React to Stress Tests? »

Source: How Did Markets React to Stress Tests?

Volume/Issue: 2015/75

Series: IMF Working Papers

Author(s): Bertrand Candelon , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781484315378

Keywords: macroprudential, bank, capital, governance, recapitalization, Government Policy and Regulation, Government Policy and Regulation,

We use event study methods to compare the market reaction to U.S. and EU-wide stress tests performed from 2009 to 2013. Typically, stress tests have a positive impact on stressed banks' returns. While the 2009 U.S....

Macroprudential Policy and Labor Market Dynamics in Emerging Economies1

Macroprudential Policy and Labor Market Dynamics in Emerging Economies1 »

Source: Macroprudential Policy and Labor Market Dynamics in Emerging Economies

Volume/Issue: 2015/78

Series: IMF Working Papers

Author(s): Alan Finkelstein Shapiro , and Andres Gonzalez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2015

ISBN: 9781475563641

Keywords: self-employment, labor search frictions, financial frictions, macroprudential policy, credit, capital, labor market, financing, Government Policy and Regulation, macroprudential policy.,

Emerging economies have high shares of self-employed individuals running owner-only firms who, in contrast to many salaried firms, have little access to formal financing and therefore rely on informal financing (in...

Managing Non-Core Liabilities and Leverage of the Banking System

Managing Non-Core Liabilities and Leverage of the Banking System »

Source: Managing Non-Core Liabilities and Leverage of the Banking System : A Building Block for Macroprudential Policy Making in Korea

Volume/Issue: 2012/27

Series: IMF Working Papers

Author(s): Ali Alichi , Cheol Hong , and Sang Chul Ryoo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463932541

Keywords: Macroprudential Policies, Macroprudential Model, banking, banking system, macroeconomic policies, capital adequacy, General Financial Markets: Government Policy and Regulation, Financial Institutions and Services: Government Policy and Regulation,

Korea has been active in implementing targeted macroprudential policies to address specific financial stability concerns. In this paper, we develop a conceptual model that could serve as a building block for the br...

With Great Power Comes Great Responsibility

With Great Power Comes Great Responsibility »

Source: With Great Power Comes Great Responsibility : Macroprudential Tools at Work in Canada

Volume/Issue: 2014/83

Series: IMF Working Papers

Author(s): Ivo Krznar , and James Morsink

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2014

ISBN: 9781484383445

Keywords: housing market, mortgage insurance, macroprudential regulation, mortgage, mortgages, mortgage credit, mortgage loans, Government Policy and Regulation, General,

The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented...

The Use and Effectiveness of Macroprudential Policies

The Use and Effectiveness of Macroprudential Policies »

Source: The Use and Effectiveness of Macroprudential Policies : New Evidence

Volume/Issue: 2015/61

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Stijn Claessens , and Luc Laeven

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

ISBN: 9781498321051

Keywords: Macroprudential policies, Effectiveness, Procyclicality, credit growth, markets, monetary fund, borrower, instruments, Government Policy and Regulation, Government Policy and Regulation,

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprude...

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...

Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea

Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea »

Source: Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea

Volume/Issue: 2011/297

Series: IMF Working Papers

Author(s): Deniz Igan , and Heedon Kang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463927837

Keywords: housing markets, mortgage, macroprudential regulation, real estate, housing finance, mortgage market, mortgage loan

With another real estate boom-bust bringing woes to the world economy, a quest for a better policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be in such a toolkit. Yet, we know...