Interagency Coordination Bodies and the Speed of Prudential Policy Responses to the COVID-19 Pandemic

Michael Brei and Blaise Gadanecz
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Blaise Gadanecz: Bank for International Settlements

International Journal of Central Banking, 2025, vol. 21, issue 3, 229-292

Abstract: This paper investigates whether the presence of interagency coordination bodies for financial stability (IABs) has been associated with faster prudential policy responses to the COVID-19 pandemic. Using econometric analysis, we provide evidence that countries with IABs have enacted relief measures involving microprudential tools more quickly than countries without, a result indicating that IABs may have been useful as catalysts for the deployment of microprudential instruments for macroprudential purposes. We also find evidence that faster responses occurred in countries where IABs have stronger powers and where the central bank is more deeply involved in the process.

Date: 2025
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Working Paper: Interagency Coordination Bodies and the Speed of Prudential Policy Responses to the COVID-19 Pandemic (2025)
Working Paper: Inter-agency coordination bodies and the speed of prudential policy responses to the Covid-19 pandemic (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2025:q:3:a:6

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