Front Matter Page
INTERNATIONAL MONETARY FUND
Macroprudential Policy: An Organizing Framework
Prepared by the Monetary and Capital Markets Department
In consultation with Research and other departments
Approved by José Viñals
March 14, 2011
Contents
Executive Summary
I. Introduction
II. Macroprudential Policy: Key Concepts
III. Systemic Risk Assessment and Monitoring
IV. Macroprudential Policy Toolkit
V. Institutional Set up and Policy Coordination
VI. Key Takeaways and Work Going Forward
References
Tables
1. Macroprudential Instruments
2. Models of Macroprudential Policy
3. An Assessment of the Models
Figures
1. Financial Stability Framework and Macroprudential Policy
2. Examples of Aggregate Risk Measures
3. Potentially Useful and Actually Used Instruments
4. Rules or Discretion? A Continuum
Boxes
1. Key Aspects of Macroprudential Policymaking
2. Basic Questions on Macroprudential Policy
3. How Business and Financial Cycles Matter for Macroprudential Policies
4. An Illustrative Example of Systemic Risk Monitoring (Systemic Risk Dashboard)
5. Adjusting Microprudential Tools to Account for Systemic Risk
6. Experience with Limits on Loan-to-Value for Residential Mortgages
7. The Institutional Set-up across Countries—Some Recent Examples
Appendices
I. Financial Stability and Macroprudential Policy Survey: A Summary
II. Looking for a Model of Macroprudential Policy