Monetary Policy and Financial System Resilience
Franco Bruni and
Claude Lopez
MPRA Paper from University Library of Munich, Germany
Abstract:
In a time of global crisis, international policy coordination is quite natural. Yet, in normal times such coordination becomes a challenge. This is an issue especially when it comes to monetary and macroprudential policy of globally influential countries. This is especially relevant now with the trend of monetary normalisation in many of these countries. In this brief, we propose four necessary steps to help addressing these challenges: (i) Monetary policy should take into account its spillovers on financial stability, (ii) Systemic central banks need to account for the global impact of their policy, (iii) Multilateral consultations may provide a useful platform to assess these impacts, (iv) The analysis that helps designing monetary and macroprudential policy should include global aggregates to capture the global economic and financial context.
Keywords: Financial system resilience (search for similar items in EconPapers)
JEL-codes: E5 E6 F4 F5 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-opm
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Citations: View citations in EconPapers (1)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:92880
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