Inter-agency coordination bodies and the speed of prudential policy responses to the Covid-19 pandemic

Michael Brei and Blaise Gadanecz

No 969, BIS Working Papers from Bank for International Settlements

Abstract: This paper investigates whether the presence of inter-agency coordination bodies for financial stability (IABs) has been associated with faster prudential policy responses to the Covid-19 pandemic. Using econometric analysis, we provide evidence that countries with IABs have enacted microprudential measures more quickly than countries without. This is not the case for macroprudential measures for which we find that IABs have been associated with slower responses. We conclude that IABs may have been useful as catalysts for the deployment of microprudential tools for macroprudential purposes.

Keywords: central bank governance; inter-agency coordination body; financial stability council; microprudential policy; macroprudential policy; Covid-19; survival analysis. (search for similar items in EconPapers)
JEL-codes: D02 D78 E58 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2021-10
New Economics Papers: this item is included in nep-ban, nep-cba and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:969

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