Macroprudential Policies and Financial Stability in a Small and Open Economy: The Case of Singapore: A Discussion

Yongheng Deng

Chapter 25 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 537-541 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The property market is an essential driver of Singapore’s economy as well as many economies in Asia and worldwide. Governments worldwide have tried to use macroprudential policies (MaPPs) to stabilise property prices and their economies as well. However, the global financial cycle and global liquidity driven by US dollar funding have undermined the ability of central banks in emerging economies to manage their own monetary conditions…

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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