Macroprudential policy beyond banking regulation

Olivier Jeanne and Anton Korinek

Financial Stability Review, 2014, issue 18, 163-172

Abstract: Macroprudential policy has largely been viewed and implemented as a form of banking regulation in recent practice. However, the externalities to be addressed by macroprudential policy stretch beyond the banking sector and also play a prominent role in the household and corporate sectors. Trying to address these externalities with banking regulation alone leads to various forms of leakage as they encourage lending to move to non-banking financial intermediaries and foreign banks – a problem that has affected the implementation of macroprudential policies. We discuss how a macroprudential policy framework could be extended beyond banking regulation in feasible and practical ways, for example by targeting policies on borrowers rather than lenders.

Date: 2014
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