Macro-Prudential Policies to Mitigate Financial System Vulnerabilities

Released on by Mr.Stijn Claessens
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  • Macro-Prudential Policies to Mitigate Financial System Vulnerabilities Book Detail

  • Author : Mr.Stijn Claessens
  • Release Date : 2014-08-19
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 36
  • ISBN 13 : 1498357601
  • File Size : 39,39 MB
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Macro-Prudential Policies to Mitigate Financial System Vulnerabilities by Mr.Stijn Claessens PDF Summary

Book Description: Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.

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Externalities and Macroprudential Policy

Externalities and Macroprudential Policy

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This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It cont