Macroprudential Policies in Open Emerging Economies

Joon-Ho Hahm, Frederic Mishkin, Hyun Song Shin and Kwanho Shin

No 17780, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also discusses one particularly promising measure of the state of the financial cycle, the growth of non-core liabilities of the financial sector, and evaluates macroprudential policy frameworks. The paper uses Korea as an example and conducts an empirical evaluation of non-core liabilities of Korean banks as a measure of the financial cycle.

JEL-codes: E44 E52 E58 G28 (search for similar items in EconPapers)
Date: 2012-01
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-mac
Note: EFG ME
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Citations: View citations in EconPapers (51)

Published as Hahm, Joon-Ho & Mishkin, Frederic S. & Shin, Hyun Song & Shin, Kwanho, 2011. "Macroprudential policies in open emerging economies," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 63-114.

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Journal Article: Macroprudential policies in open emerging economies (2011)
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