Singapore: Financial Sector Assessment Program; Technical Note-Macroprudential Policy

International Monetary Fund

No 2019/227, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments. It assesses the domestic institutional arrangement, systemic risk monitoring framework, and macroprudential policy toolkit. The note assesses the strengths and weaknesses of the institutional arrangements for macroprudential policymaking and provides recommendations on how to enhance them further. It also describes the existing systemic risk monitoring framework and provides options to strengthen it. The use of macroprudential instruments in recent years and their effects on residential prices have also been discussed. The institutional framework for macroprudential policymaking has been revised and contains a clear mandate and well-defined objectives. The macroprudential mandate is assigned to dedicated committees within Monetary Authority of Singapore, limiting risk of dual mandates for the central bank. The authorities have taken important steps in recent years to develop the macroprudential policy framework and address relevant recommendations.

Keywords: ISCR; CR; price; loan; market; housing loan; MAS Financial; property market; house price growth; price effect; private property; loan tenure; house price growth in Singapore; Property market; transaction price; price correction; tenure limit; Housing; Macroprudential policy; Macroprudential policy instruments; Housing prices; Loans; Global (search for similar items in EconPapers)
Pages: 42
Date: 2019-07-15
New Economics Papers: this item is included in nep-mac and nep-sea
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