[PDF] Institutional Arrangements For Macroprudential Policy In Asia eBook

Author : Cheng Hoon Lim
Publisher : International Monetary Fund
Page : 22 pages
File Size : 31,44 MB
Release : 2013-07-17
Category : Business & Economics
ISBN : 1484338367

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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 and more open economies with prudential regulation inside the central bank tend to have institutional arrangements that give the central bank a leading role. In larger and more complex economies where prudential regulation is outside the central bank, the financial stability mandate is usually shared with other agencies and the government tends to play a leading role. Domestic policy coordination is typically performed by a financial stability committee/other coordination body while cross-border cooperation is largely governed by Memoranda of Understanding.

Author : Mr.Steven A Barnett
Publisher : International Monetary Fund
Page : 172 pages
File Size : 12,45 MB
Release : 2013-04-10
Category : Business & Economics
ISBN : 147551719X

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This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual countries to address systemic risk, including risk concentration and interconnectedness. This book is the first comprehensive collection of papers assessing the existing institutional arrangements for macroprudential policies in Asia.

Author : Rodolfo Maino
Publisher :
Page : 172 pages
File Size : 50,40 MB
Release : 2013-04-10
Category : Business & Economics
ISBN : 9781475565898

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This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual countries to address systemic risk, including risk concentration and interconnectedness. The book is the first comprehensive collection of papers assessing the existing institutional arrangements for macroprudential policies in Asia. The papers were presented by Asian authorities at a Monetary Policy Workshop on Strengthening Macroprudential Frameworks, which was organized by the IMF Regional Office for Asia and Pacific with financing from the Government of Japan. It was held in Tokyo in March 2012.

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 11,43 MB
Release : 2011-03-14
Category : Business & Economics
ISBN : 1498339174

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MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.

Author : Erlend Nier
Publisher : International Monetary Fund
Page : 53 pages
File Size : 35,95 MB
Release : 2011-11-01
Category : Business & Economics
ISBN : 1463923325

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A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory agencies, or the setting up of dedicated policymaking committees. In others, efforts are underway to enhance cooperation within the existing institutional structure. Against this background, this paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice. After reviewing briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries, the paper identifies stylized institutional models based on key features that distinguish institutional arrangements. It develops criteria to assess the effectiveness of models, examines the strengths and weaknesses of models against these criteria, and explores ways to improve existing setups. The paper finally distills lessons and sets out desired principles for effective macroprudential policy arrangements.

Author : Cheng Hoon Lim
Publisher : International Monetary Fund
Page : 40 pages
File Size : 32,38 MB
Release : 2013-07-17
Category : Business & Economics
ISBN : 1484377818

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This paper gauges if, and how, institutional arrangements are correlated with the use of macroprudential policy instruments. Using data from 39 countries, the paper evaluates policy response time in various types of institutional arrangements for macroprudential policy and finds that the macroprudential framework that gives the central bank an important role is associated with more timely use of macroprudential policy instruments. Policymakers may also tend to use macroprudential instruments more quickly if the ability to conduct monetary policy is somehow constrained. This finding points to the importance of coordination between macroprudential and monetary policy.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 14,6 MB
Release : 2014-06-11
Category : Business & Economics
ISBN : 1498342620

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This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 64 pages
File Size : 17,6 MB
Release : 2013-10-06
Category : Business & Economics
ISBN : 1498341713

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The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.

Author : Ms.Longmei Zhang
Publisher : International Monetary Fund
Page : 37 pages
File Size : 25,75 MB
Release : 2014-02-06
Category : Business & Economics
ISBN : 1475572476

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In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key macroprudential instruments and capital flow measures in 13 Asian economies and 33 economies in other regions since 2000, and constructs various macroprudential policy indices, aggregating sub-indices on key instruments. Asian economies appear to have made greater use of macroprudential tools, especially housing-related measures, than their counterparts in other regions. The effects of macroprudential policy are then assessed through an event study, cross-country macro panel regressions and bank-level micro panel regressions. The analysis suggests that macroprudential policy and capital flow measures have helped curb housing price growth, equity flows, credit growth, and bank leverage. The instruments that have been particularly effective in this regard include loan-to-value ratio caps, housing tax measures, and foreign currency-related measures.