Benchmarking macroprudential policies: An initial assessment

Domenico Lombardi and Pierre Siklos

CAMA Working Papers from Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University

Abstract: In recognition of the severe consequences of the recent international financial crisis, the topic of macroprudential policy has elicited considerable research effort. The present study constructs, for 46 economies around the globe, an index of the capacity to deploy macroprudential policies. Building on elements that have been the subject of recent research, we develop an index that aims to represent the essence of what constitutes a macroprudential regime. Specifically, the index quantifies: (1) how existing macroprudential frameworks are organized; and (2) how far a particular jurisdiction is from reaching the goals established by the Group of Twenty (G20) and the Financial Stability Board (FSB). The latter is a benchmark that has not been considered in the burgeoning literature that seeks to quantify the role of macroprudential policies.

Keywords: Central banks; Financial Stability Board; index; macroprudential policy; policy framework (search for similar items in EconPapers)
JEL-codes: E02 E32 E42 E58 F02 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2016-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (21)

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Related works:
Journal Article: Benchmarking macroprudential policies: An initial assessment (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:een:camaaa:2016-60

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