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

Edited by Claudio Borio, Edward S Robinson and Hyun Song Shin

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: Since at least the Great Financial Crisis, authorities around the world have increasingly relied on macroprudential policy to help secure financial stability and complement monetary policy as an integral element of a broader macro-financial stability framework. In today's interconnected global financial system, policy actions taken by the major advanced economies can have spillovers on the rest of the world through their impact on capital flows and exchange rates, potentially generating vulnerabilities across borders. Conversely, in emerging market economies, macroprudential policy as well as foreign exchange intervention and/or capital flow management policy can help mitigate the corresponding impact. This can in turn generate spillbacks on advanced economies — spillbacks that have become more sizeable as the emerging market economies' heft in the world has grown. Yet little is known about these interactions.

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
ISBN: 9789811259425
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Chapters in this book:

Ch 1 Welcome Remarks: The Quest for an Integrated Macro-Policy Framework , pp xxxv-xli

Ravi Menon

Ch 2 Welcome Remarks: Historical Evolution of Macro-Financial Stability Frameworks and a Search of a New Conceptual Framework , pp xliii-xlvi

Agustin Carstens

Ch 3 Macro-Financial Stability Frameworks: Experience and Challenges , pp 2-49

Claudio Borio, Ilhyock Shim and Hyun Song Shin

Ch 4 Macro-Financial Stability Frameworks: Experience and Challenges: A Discussion , pp 50-57

Linda Goldberg

Ch 5 What Happens in Vegas Does Not Stay in Vegas , pp 60-72

Anil K Kashyap

Ch 6 Macroprudential Policies and the COVID-19 Pandemic: Risks and Challenges for Emerging Markets , pp 74-120

Sebastian Edwards

Ch 7 Macroprudential Policies and the COVID-19 Pandemic: Risks and Challenges for Emerging Markets: A Discussion , pp 121-127

Eswar Prasad

Ch 8 Macroprudential Policy during COVID-19: The Role of Policy Space , pp 130-174

Katharina Bergant and Kristin Forbes

Ch 9 Macroprudential Policy during COVID-19: The Role of Policy Space: A Discussion , pp 175-182

Valentina Bruno

Ch 10 Macro-Financial Policy in an International Financial Centre: The UK Experience Since the Global Financial Crisis , pp 184-223

Thorsten Beck, Simon Lloyd, Dennis Reinhardt and Rhiannon Sowerbutts

Ch 11 Macro-Financial Policy in an International Financial Centre: The UK Experience Since the Global Financial Crisis: A Discussion , pp 224-230

Paul Tucker

Ch 12 Sweden’s Experience of Deploying Monetary and Macroprudential Policies , pp 232-271

Stefan Ingves and Johan Grip

Ch 13 Sweden’s Experience of Deploying Monetary and Macroprudential Policies: A Discussion , pp 272-276

Charles Bean

Ch 14 The “Twin-Pillar” Framework of Monetary and Macroprudential Policies in China , pp 278-310

Yiping Huang and Tingting Lv

Ch 15 The “Twin-Pillar” Framework of Monetary and Macroprudential Policies in China: A Discussion , pp 311-315

Yi Huang

Ch 16 Timely, Sustained and Effective Macroprudential Policy: Exploring the Political Economy of Hong Kong’s Prudential Standards in the 1990s , pp 318-361

Robert McCauley and Catherine R Schenk

Ch 17 Timely, Sustained and Effective Macroprudential Policy: Exploring the Political Economy of Hong Kong’s Prudential Standards in the 1990s: A Discussion , pp 362-366

Arthur Yuen

Ch 18 Macroprudential Policies for the External Sector: India’s Approach and Experience , pp 368-398

Viral V Acharya

Ch 19 Macroprudential Policies for the External Sector: India’s Approach and Experience: A Discussion , pp 399-407

Duvvuri Subbarao

Ch 20 Legacy of Early Crisis and Incomplete Institutional Reforms on the Financial Sector in Indonesia , pp 410-430

Muhamad Basri and Reza Siregar

Ch 21 Legacy of Early Crisis and Incomplete Institutional Reforms on the Financial Sector in Indonesia: A Discussion , pp 431-434

Perry Warjiyo

Ch 22 Lessons from Macro-Financial Policy in Korea , pp 436-469

Hyun Song Shin and Kwanho Shin

Ch 23 Lessons from Macro-Financial Policy in Korea: A Discussion , pp 470-478

Hwanseok Lee

Ch 24 Macroprudential Policies and Financial Stability in a Small and Open Economy: The Case of Singapore , pp 480-536

Ramkishen S. Rajan, Edward S. Robinson and Rosemary Lim

Ch 25 Macroprudential Policies and Financial Stability in a Small and Open Economy: The Case of Singapore: A Discussion , pp 537-541

Yongheng Deng

Ch 26 Monetary Policy Frameworks in Latin America: Evolution, Resilience and Future Challenges , pp 544-574

Ana Aguilar, Alexandre Tombini and Fabrizio Zampolli

Ch 27 Monetary Policy Frameworks in Latin America: Evolution, Resilience and Future Challenges: A Discussion , pp 575-582

Enrique G. Mendoza

Ch 28 Leave No Stone Unturned — Macroprudential Policy in Croatia Between the Global Financial Crisis and COVID-19 , pp 584-611

Boris Vujčić, Mirna Dumičić Jemrić and Lana Ivičić

Ch 29 Leave no Stone Unturned — Macroprudential Policy in Croatia Between the Global Financial Crisis and COVID-19: A Discussion , pp 612-616

Tuomas Peltonen

Ch 30 Towards a New Monetary-Macroprudential Policy Framework: Perspectives on Integrated Inflation Targeting , pp 618-673

Pierre-Richard Agénor and Luiz Awazu Pereira da Silva

Ch 31 Towards a New Monetary-Macroprudential Policy Framework: Perspectives on Integrated Inflation Targeting: A Discussion , pp 674-677

Barry Eichengreen

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