Back Matter


  • Arvai, Z. Prasad, A. and K. Katayama. (2014). Macroprudential Policy in the GCC Countries. IMF Staff Discussion Note 14/01.

  • BIS (2012). Operationalising the Selection and Application of Macroprudential Instruments. CGFS Papers No. 48.

  • BIS (2013). Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools

  • Blancher et. al. (2013). Systemic Risk Monitoring (“SysMo”) Toolkit – A User Guide. IMF Working Paper 13/168.

  • European Systemic Risk Board (2014). The ESRB Handbook on Operationalising Macro-prudential Policy in the Banking Sector

  • Hardy, D. and P. Hochreiter (2014). A Simple Macroprudential Liquidity Buffer. IMF Working Paper WP 14-235.

  • IMF (2013). Key Aspects of Macroprudential Policy.

  • IMF (2014a). Staff Guidance Note on Macroprudential Policy.

  • IMF (2014b). Staff Guidance Note on Macroprudential Policy—Detailed Guidance on Instruments.

  • Osiński, J., Seal K., and L. Hoogduin (2013). Macroprudential and Microprudential Policies: Toward Cohabitation. IMF Staff Discussion Note 13/05.

    • Search Google Scholar
    • Export Citation
  • van den End, J. W., and M. Kruidhof. (2012). Modeling the liquidity ratio as macroprudential instrument. De Nederlandsche Bank, Working Paper No. 342.

    • Search Google Scholar
    • Export Citation

Appendix Table I.

Risk Mapping Framework: Existing Indicators and Recommendations

article image
article image
article image
article image
article image
article image

Prepared by Pilar Garcia Martinez (MCD), Sanaa Nadeem (MCM), and Onenne Partsch (LEG external expert).


“I-Immediate” is within one year; “NT-near-term” is 1–3 years; and “MT-medium-term” is 3–5 years.


See IMF (2011) and FSB, IMF, and BIS (2011).


Key Aspects of Macroprudential Policy, IMF Monetary and Capital Markets Department (2013).


This builds on the 2010-2012 Strategic Plan that included guidelines on developing a financial stability function within BAM.


Article 81 of the Banking Law.


This comprises the Monetary and Exchange Operations Department, Economic Studies and International Relationship Department, Banking Supervision, and Research Department.


Notwithstanding the capacity of BAM’s governor to act as chairman of the committee and the provision of secretariat services by BAM.


Authorities expect that the decree and internal rules would not contain such decision-making process either.


These include TA on Risk Mapping and Stress Testing (June 2011), Vulnerability Analysis (December 2011), Systemic Risks and Macroprudential Instruments (May 2012), Fine-tuning of Macroprudential Analysis and Stress Tests (October 2012), and most recently, Developing Macroprudential Instruments (November 2014).


Whereas it is difficult to quantify precisely the effectiveness of these measures, as the following period coincided with the European crisis, credit growth decreased in just one year from 24.4 percent in 2008 to 10.4 percent in 2009.


The new banking law has significantly expanded the scope of BAM’s supervision to include banks, financing, factoring and leasing companies, and microfinance institutions.

Morocco: Technical Note-Macroprudential Policy: Institutional Arrangements and Instruments
Author: International Monetary Fund. Independent Evaluation Office