Sweden’s Experience of Deploying Monetary and Macroprudential Policies: A Discussion

Charles Bean

Chapter 13 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 272-276 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The 2008–2009 Global Financial Crisis highlighted the potential value of pre-emptive policy action to reduce the risk of financial instability, as well as expanding the armoury of mitigating actions should such risks crystallise. This is now widely accepted and reflected in: the introduction of new instruments, such as the Basel III countercyclical capital buffer; the formalisation and deepening of the arrangements for the deployment of those instruments, such as the creation of financial policy committees; and the explosion of analytical work in central banks and academia to improve our understanding of those tools and how they interface with monetary and fiscal policies. However, we are still very much in the foothills and there is much to learn from each other’s experiences. So comparative studies, like those in this volume, are of considerable value, especially as macroprudential policy architectures are quite heterogeneous, usually building on existing national arrangements rather than reflecting conscious design…

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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