Macroprudential policy : what instruments and how to use them? : lessons from country experiences /

Macroprudential policy : what instruments and how to use them? : lessons from country experiences /

Saved in:
Bibliographic Details
Imprint:Washington, D.C. : International Monetary Fund, 2011.
Description:1 online resource (85 pages) : illustrations
Language:English
Series:IMF working paper ; WP/11/238
IMF working paper ; WP/11/238.
Subject:
Monetary policy -- Econometric models.
Bank capital -- Econometric models.
Global Financial Crisis, 2008-2009 -- Econometric models.
Bank capital -- Econometric models.
Econometric models.
Monetary policy -- Econometric models.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12499472
Hidden Bibliographic Details
Other authors / contributors:Lim, C. H. (Cheng Hoon), author.
International Monetary Fund. Monetary and Capital Markets Department, issuing body.
ISBN:128355318X
9781283553186
9781463959296
146395929X
9781463922603
1463922604
Notes:"October 2011."
Title from PDF title page (IMF, viewed Oct. 28, 2011).
At head of title: Monetary and Capital Markets Department.
Includes bibliographical references.
Summary:This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The analysis suggests that many of the most frequently used instruments are effective in reducing pro-cyclicality and the effectiveness is sensitive to the type of shock facing the financial sector. Based on these findings, the paper identifies conditions under which macroprudential policy is most likely to be effective, as well as conditions under which it may have little impact.
Other form:Print version: Fund, International Monetary. Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences. Washington : International Monetary Fund, ©2011 9781463922603
Table of Contents:
  • Cover; CONTENTS; Abstract; Executive Summary; FIGURES; 1. Macroprudential Instruments; I. Introduction; II. Country Experiences with Macroprudential Instruments; A. What Instruments Are Used?; 2. Objectives of Macroprudential Policy Instruments; B. Why Use Macroprudential Policy and What Affects the Choice of Instruments?; BOXES; 1. Macroprudential Instruments in the European Union; C. How Are Instruments Applied?; 3. Use of Macroprudential Policy Instruments; 4. How Instruments Are Used; III. Effectiveness of Macroprudential Instruments; 5. Intensity of Use; A. The Case Study.
  • B. The Simple Approach6. Change in Credit Growth After the Introduction of Instruments; C. The Panel Regression; 7. Credit Growth and GDP Growth; 2. Monetary and Macroprudential Policy: Are They Mutually Reinforcing?; TABLES; 1. Effectiveness of Macroprudential Instruments in Reducing the Procyclicality of Credit; 2. Effectiveness of Macroprudential Instruments in Reducing the Procyclicality of Leverage; IV. Lessons and Policy Messages; 3. Effectiveness of Macroprudential Instruments in Reducing Cross-Sectional Risks; 4. Use of Macroprudential Instruments; V. Next Steps; APPENDIXES.
  • I. Macroprudential or Capital Flow MeasuresII. Selected Case Studies; APPENDIX TABLES AND FIGURES; Table II. 1 Macreconomic Indicators, average 2003-08 (in percent); Table II. 2 Prudential Measures Imposed During the Boom Period, 2003-early 2008; Table II. 3 Reserve Requirement Features During the Boom Period, 2003-early 2008; Figure II. 1 Croatia: Private External Debt/GDP; Figure II. 2 Serbia: Private External Debt/GDP; Figure II. 3 Total Short-term External Debt, 2009; Figure II. 4 Shares of Domestic and Non-resident Funding by New Zealand Banks.
  • Figure II. 5 New Zealand Banks' Non-resident Funding by Residual MaturityFigure II. 6 Central Bank Balance Sheet Sizes; Figure II. 7 New Zealand Banks' Bond Issuance; Figure II. 8 Liquidity Mismatch Ratios; Figure II. 9 Credit and Deposit; Figure II. 10 House Prices; Figure II. 11 Coverage Ratio; Figure II. 12 Total Provisions; Figure II. 13 Size of DP Funds (% of loans); Figure II. 14 The Use of Reserve Requirements; Figure II. 15 Non-Resident Assets/Liabilities; Figure II. 16 NPL Growth; Figure II. 17 Banks' Short-Term External Borrowing (in US billion).
  • Figure II. 18 Leverage of Large International Banks and Hedge FundsIII. The Simple Approach; Figure III. 1 Change in Risk Variables after the Implementation of Instruments; IV. GMM Methodology for Panel Regression; Table IV. 1 Effectiveness of Macroprudential Instruments in Reducing Credit and Leverage Growth; Table IV. 2 Effectiveness of Macroprudential Instruments in Reducing Credit and Leverage Growth during Booms; Table IV. 3 Effectiveness of Macroprudential Instruments in Reducing Credit Growth (both Level and Pro-cyclicality).

Similar Items