Macro-Financial Stability Frameworks: Experience and Challenges: A Discussion

Linda Goldberg

Chapter 4 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 50-57 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Macro-financial stability frameworks have come a long way in a short time. Claudio Borio, Ilhyock Shim and Hyun Song Shin have provided a thoughtful contribution on the topic with a focus on the rich expanded toolkit that has been developed towards achieving credit and financial stability. The chapter has a particular emphasis on the external developments and ways that the toolkit engages with related financial stability challenges. The survey contained therein is comprehensive, covering types of tools, details on business and financial cycles and some of the challenges that remain towards setting the overall policy framework. The authors provide an excellent background for the broader themes and contributions covered in the MAS-BIS Conference on Macro-financial Stability Policy in a Globalised World, with other contributions targeting thematic issues, advanced economy and emerging market country experiences and emerging policy frameworks…

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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