Macroprudential regulation and policy

Bank for International Settlements

No 60 in BIS Papers from Bank for International Settlements

Abstract: The Bank for International Settlements (BIS) and the Bank of Korea (BoK) jointly organised a conference on macroprudential regulation and policy in Seoul, Korea, on 16-18 January 2011. The conference aimed to bring academics together with researchers at central banks and other public institutions to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organisers received more than 75 submissions from central banks, public agencies, supranational organisations and academic institutions. From these, a selection committee from the BIS and the BoK chose 12 papers organised around the following four themes: (i) systemic risk; (ii) financial system procyclicality; (iii) macroeconomic impact studies and early warning indicators; and (iv) effective implementation of macroprudential policy. In all, 35 participants took part, including central bank economists from Asia and the Pacific, Europe, Latin America and the United States, as well as academics from Europe, Korea and North America. Governor Choongsoo Kim of the BoK gave the welcome address, and Governor Stefan Ingves of Sveriges Riksbank and Professor Hyun Song Shin from Princeton University gave keynote speeches. The conference concluded with a policy panel focusing on macroprudential policy frameworks. This volume is a collection of the welcome address, keynote speeches, revised versions of all papers presented during the conference and the panel discussions.

Date: 2011 Written 2011-12
ISBN: 92-9131-052-2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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http://www.bis.org/publ/bppdf/bispap60.htm (text/html)

Chapters in this book:

Welcome address , pp 1-4

Choongsoo Kim

Macroprudential policies beyond Basel III , pp 5-15

Hyun Song Shin

Challenges for the design and conduct of macroprudential policy , pp 16-28

Stefan Ingves

Systemic risk measures: the simpler the better? , pp 29-35

Maria Rodriguez-Moreno and Juan Ignacio Peña

Systemic risk contributions , pp 36-43

Xin Huang, Hao Zhou and Haibin Zhu

Systemic capital requirements , pp 44-50

Lewis Webber and Matthew Willison

Monetary policy framework and financial procyclicality: international evidence , pp 51-57

Kyungsoo Kim, Byoung-Ki Kim and Hail Park

Boom-bust cycles and stabilisation policy - monetary and macroprudential rules: a loss function approach , pp 58-65

Caterina Mendicino and Maria Teresa Punzi

Optimal macroprudential regulation in a Fisherian model of financial crises , pp 66-72

Javier Bianchi and Enrique Mendoza

The long-term economic impact of higher capital levels , pp 73-81

Jochen Schanz, David Aikman, Paul Collazos, Marc Farag, David Gregory and Sujit Kapadia

Macrofinancial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events , pp 82-88

Marco Lo Duca and Tuomas Peltonen

Getting effective macroprudential policy on the road: eight propositions , pp 89-96

Dietrich Domanski and Tim Ng

Countercyclical tools: a comparative assessment , pp 97-106

Sang Chul Ryoo and Cheol Hong

Macroprudential policy and central bank communication , pp 107-110

Benjamin Born, Michael Ehrmann and Marcel Fratzscher

Thoughts on the proper design of macro stress tests , pp 111-119

Petr Jakubík and Gregory Sutton

Macroprudential policy framework , pp 120-123

Hoo-Kyu Rhu

Macroprudential policy framework , pp 124-128

Christine M Cumming

Key issues for the success of macroprudential policies , pp 129-135

Ignazio Visco

Remarks on macroprudential policy frameworks , pp 136-141

David Longworth

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