La politique macroprudentielle: un ouvrage en cours pour les banques centrales

Jaime Caruana and Ilhyock Shim

Revue d'économie financière, 2016, vol. n° 121, issue 1, 111-130

Abstract: Since the Great Financial Crisis of 2007-2009, both advanced and emerging market economies have made progress in setting up macroprudential policy frameworks and implementing macroprudential measures. This article provides a summary of these measures, and discusses a number of challenges ahead: (1) understanding the impact of financial development on the effectiveness of macroprudential tools; (2) minimising leakages and spillovers from applying targeted tools; (3) protecting the private financial sector from sovereign risks; (4) designing new policy tools to reduce systemic risks stemming from capital markets; and (5) finding the right combination of policies and acting early enough in the cumulative endogenous process of building financial imbalances. To find an effective solution to these challenges, it is crucial that macroprudential authorities cooperate domestically and globally. Classification JEL: E43, E58, G01, G28.

JEL-codes: E43 E58 G01 G28 (search for similar items in EconPapers)
Date: 2016
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