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Macroprudential frameworks, implementation and relationship with other policies

Bank for International Settlements

No 94 in BIS Papers from Bank for International Settlements

Abstract: Emerging market central banks have a long history of using macroprudential instruments. But while most central banks carry a heavy responsibility for financial stability, legal objectives are generally vague, do not define success or failure, and say nothing about competing objectives. This complicates both accountability and the communication of macroprudential decisions.Participants drew several lessons from their experience with implementing macroprudential instruments. First, macroprudential authorities need to act early if they want to address systemic risk effectively. Second, building buffers or shifting the composition of credit is easier than managing the cycle. Third, macroprudential measures tend to be better at constraining booms than at dampening busts. Fourth, although macroprudential tools could, in principle, be targeted very precisely, circumvention by lenders and borrowers require more broad-based approaches. Fifth, macroprudential measures and monetary policy can reinforce each other when used in the same direction. Sixth, the jury is still out whether macroprudential instruments could be used effectively to address regional disparities within economies.This volume collects the background papers of a meeting of Deputy Governors of central banks from emerging market economies to exchange their experience with designing macroprudential frameworks and implementing macroprudential instruments.

Date: 2017 Written 2017-12
ISBN: ISBN 978-92-9259-114-4
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http://www.bis.org/publ/bppdf/bispap94.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap94.htm (text/html)

Chapters in this book:

Macroprudential frameworks, implementation and relationship with other policies , pp 1-5 Downloads
Christian Upper
Macroprudential frameworks: objectives, decisions and policy interactions , pp 7-24 Downloads
Agustín Villar
Macroprudential frameworks: implementation and effectiveness , pp 25-47 Downloads
Yavuz Arslan and Christian Upper
Macroprudential frameworks: communication , pp 49-56 Downloads
Nikhil Patel
Macroprudential frameworks: cross-border issues , pp 57-63 Downloads
Nikhil Patel
Macroprudential policy framework, implementation and relationships with other policies , pp 65-75 Downloads
Central Bank of Argentina
Macroprudential policy in Brazil , pp 77-86 Downloads
Maurício Costa de Moura and Fernanda Martins Bandeira
Macroeconomic and financial volatility and macroprudential policies in Chile , pp 87-98 Downloads
Rodrigo Cifuentes, Sebastián Claro and Alejandro Jara
Macroprudential goals, implementation and cross-border communication , pp 99-102 Downloads
The People’s Bank of China
The macroprudential policy framework in Colombia , pp 103-128 Downloads
Hernando Vargas, Pamela Cardozo and Andrés Murcia
Assessing the impact of macroprudential tools: the case of Israel , pp 107-218 Downloads
Nadine Baudot-Trajtenberg, Nitzan Tzur-Ilan and Roi Frayberg
Should monetary policy pay attention to house prices? The Czech National Bank’s approach , pp 129-140 Downloads
Mojmír Hampl and Tomáš Havránek
Hong Kong’s property market and macroprudential measures , pp 141-152 Downloads
Hong Kong Monetary Authority
Regionally-differentiated debt cap rules: a Hungarian perspective , pp 153-178 Downloads
Péter Fáykiss, Márton Nagy and Anikó Szombati
Macroprudential frameworks, implementation, and relationship with other policies , pp 179-187 Downloads
Reserve Bank of India
Indonesia: the macroprudential framework and the central bank’s policy mix , pp 189-205 Downloads
Perry Warjiyo
Macroprudential frameworks, implementation and relationship with other policies in Korea , pp 219-229 Downloads
Ho Soon Shin, Jung Yeoun Lee, Jungmin Park
Macroprudential frameworks: Implementation, and relationship with other policies – Malaysia , pp 231-238 Downloads
Central Bank of Malaysia
On the relationship between macroprudential policy and other policies , pp 239-255 Downloads
Manuel Ramos-Francia and Santiago García-Verdú
Implementation of macroprudential policy in Peru , pp 257-275 Downloads
Renzo G Rossini and Zenón Quispe
Macroprudential frameworks, implementation, and communication strategies – The Philippines , pp 277-288 Downloads
Diwa C Guinigundo
Institutional and operational aspects of macroprudential policy in central and eastern European EU member states , pp 289-303 Downloads
Piotr Szpunar
The macroprudential policy framework in Russia , pp 305-319 Downloads
Elizaveta Danilova and Maxim Morozov
Macroprudential policies: A Singapore case study , pp 321-327 Downloads
Monetary Authority of Singapore
Macroprudential frameworks, implementation and relationships with other policies , pp 329-337 Downloads
South African Reserve Bank
Macroprudential framework – the case of Thailand , pp 339-348 Downloads
Bank of Thailand
Financial stability and macroprudential policy in Turkey , pp 349-364 Downloads
Murat Uysal

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