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Changes in Prudential Policy Instruments - A New Cross-Country Database*

Changes in Prudential Policy Instruments - A New Cross-Country Database* »

Source: Changes in Prudential Policy Instruments - A New Cross-Country Database

Volume/Issue: 2016/110

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Ricardo Correa , Elisabetta Fiorentino , and Esther Segalla

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2016

ISBN: 9781475574517

Keywords: Macroprudential policies, Microprudential Policies, Financial cycles

This paper documents the features of a new database that focuses on changes in the intensity in the usage of several widely used prudential tools, taking into account both macro-prudential and micro-prudential obje...

Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden

Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden »

Source: Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden

Volume/Issue: 2016/74

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Francesco Columba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2016

ISBN: 9781475546545

Keywords: Macroprudential Policies; Monetary Policy; Collateral Constraints

We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to Sweden. Households face a ceiling on their l...

Amortization Requirements May Increase Household Debt

Amortization Requirements May Increase Household Debt »

Source: Amortization Requirements May Increase Household Debt : A Simple Example

Volume/Issue: 2016/83

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2016

ISBN: 9781484321843

Keywords: Amortization, household debt, mortgages, refinancing, macroprudential policy.

Debt amortization requirements have been suggested as a way to reduce household indebtedness. However, a closer look reveals that amortization requirements may create incentives for both borrowers and lenders to bo...

Macroprudential Policy and Financial Stability in the Arab Region

Macroprudential Policy and Financial Stability in the Arab Region »

Source: Macroprudential Policy and Financial Stability in the Arab Region

Volume/Issue: 2016/98

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , Heba Abdel Monem , and Pilar Garcia Martinez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2016

ISBN: 9781484361641

Keywords: Macroprudential policy, systemic risk, credit, financial stability

Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy relia...

Central Banking in Latin America

Central Banking in Latin America »

Source: Central Banking in Latin America : The Way Forward

Volume/Issue: 2016/197

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Luis I. Jacome H. , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2016

ISBN: 9781475543353

Keywords: Central Banking, Monetary Policy, Macroprudential Policy, Latin America.

Latin America's central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaini...

Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures

Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures »

Source: Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures

Volume/Issue: 2018/217

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Haonan Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

ISBN: 9781484378328

Keywords: Cross-Border Banking Flows, Macroprudential Policies, Capital Controls

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, cultur...

The Global Macrofinancial Model

The Global Macrofinancial Model »

Source: The Global Macrofinancial Model

Volume/Issue: 2018/81

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 April 2018

ISBN: 9781484350706

Keywords: Monetary policy; Fiscal policy; Macroprudential policy; Spillovers; Forecasting; Dynamic stochastic general equilibrium model; World economy

This paper documents the theoretical structure and empirical properties of the latest version of the Global Macrofinancial Model (GFM). This dynamic stochastic general equilibrium model of the world economy, disagg...

Banks' Maturity Transformation: Risk, Reward, and Policy

Banks' Maturity Transformation: Risk, Reward, and Policy »

Source: Banks' Maturity Transformation: Risk, Reward, and Policy

Volume/Issue: 2018/45

Series: IMF Working Papers

Author(s): Pierluigi Bologna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2018

ISBN: 9781484345184

Keywords: Banks, Banks, Credit risk, Financial stability, Interest rates, Profits, Macroprudential Policy, profitability, maturity transformation, macroprudential

The aim of this paper is twofold: first, to study the determinants of banks' net interest margin with a particular focus on the role of maturity transformation, using a new measure of maturity mismatch; second, to...

Policy Conflicts and Inflation Targeting: The Role of Credit Markets*

Policy Conflicts and Inflation Targeting: The Role of Credit Markets* »

Source: Policy Conflicts and Inflation Targeting: The Role of Credit Markets

Volume/Issue: 2018/72

Series: IMF Working Papers

Author(s): Woon Choi , and David Cook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

ISBN: 9781484350515

Keywords: Inflation targeting, Central banks and their policies, Policy Conflicts, Taylor rule, and Macroprudential Policy, Credit Growth, Macroprudential Policy, Monetary Policy (Targets, Instruments, and Effects)

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when...

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

The Micro Impact of Macroprudential Policies: Firm-Level Evidence »

Source: The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Volume/Issue: 2018/267

Series: IMF Working Papers

Author(s): Meghana Ayyagari , Thorsten Beck , and Maria Martinez Peria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484385654

Keywords: Macroprudential policies and financial stability, Central banks and their policies, Balance sheets, Public enterprises, financial development; macroprudential policies; firm financing, financial development, macroprudential policies, firm financing, Financial Markets and the Macroeconomy, Government Policy and Regulation

Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. Th...