Policy Instruments to Lean Against the Wind in Latin America

Policy Instruments to Lean Against the Wind in Latin America
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Volume/Issue:
2011/159
Series:
IMF Working Papers
Author(s):
G. Terrier, Rodrigo Valdes, Camilo Tovar Mora, Jorge Chan-Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos Medeiros, Man-Keung Tang, Mercedes Vera Martin, and W. Christopher Walker
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
July 2011
DOI:
http://dx.doi.org/10.5089/9781455297726.001
ISBN:
9781455297726
ISSN:
1018-5941
Page:
113
This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include: (i) capital requirements, dynamic provisioning, and leverage ratios; (ii) liquidity requirements; (iii) debt-to-income ratios; (iv) loan-to-value ratios; (v) reserve requirements on bank liabilities (deposits and nondeposits); (vi) instruments to manage and limit systemic foreign exchange risk; and, finally, (vii) reserve requirements or taxes on capital inflows. Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.
Article

Policy Instruments To Lean Against The Wind In Latin America1

Author(s):
G. Terrier, Rodrigo Valdes, Camilo Tovar Mora, Jorge Chan-Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos Medeiros, Man-Keung Tang, Mercedes Vera Martin, and W. Christopher Walker
Published Date:
July 2011
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