Macro-Financial Policy in an International Financial Centre: The UK Experience Since the Global Financial Crisis: A Discussion

Paul Tucker

Chapter 11 in Macro-financial Stability Policy in a Globalised World: Lessons from International Experience:Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference, 2023, pp 224-230 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The chapter by Thorsten Beck and coauthors invites comments at many levels. I shall engage at just three.First, the study effectively assumes that there has been a macroprudential policy in the UK and elsewhere, by which I mean a systematic policy informed by articulated principles and capable of being picked up by a statistical study. That is not the same thing as occasionally using statutory powers to tweak something termed the countercyclical capital buffer. A useful starting point would be whether there is a systematic reaction function, feeding back from variables plausibly bearing a robust relationship, via resilience in intermediaries or borrowers, to systemic stability…

Keywords: Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia (search for similar items in EconPapers)
JEL-codes: E E52 E58 E6 F F01 F3 F38 (search for similar items in EconPapers)
Date: 2023
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