International Macroprudential Policy Coordination

Pierre-Richard Agénor ()
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Pierre-Richard Agénor: University of Manchester, School of Social Sciences

Chapter 9 in Monetary Policy and Macroprudential Regulation with Financial Frictions, 2025, pp 485-536 from Springer

Abstract: Abstract Focuses on macroprudential policy coordination in a two-region world, involving major advanced economies (the core) and a group of large or systemically important middle-income countries (the periphery). The model accounts for financial frictions at two levels: between firms and banks in each region, and also between periphery banks and a global bank located in the core region. Macroprudential regulation takes the form of a countercyclical capital buffer. The benefits of international coordination are assessed by solving for the optimal policy responses under alternative policy regimes, including reciprocity—defined as a regime in which capital ratios set in the core are imposed on the global bank’s affiliates abroad.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-01673-7_9

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DOI: 10.1007/978-3-032-01673-7_9

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